SA packaging merger completed
Malpak shareholders.
Nampak, the South African packaging group, is on the verge of completing its proposed merger with compatriot group Malpak following the approval of the deal by Malpak shareholders earlier this week .
The new company, which will have a turnover of R18 billion (€1.8bn) a year, is due to be launched on 26 August, reports Business Day. The total cost of the deal is put at R1.97 billion.
Nampak said that its executive chairman Trevor Evans would retain his position in the enlarged group, with John Bortolan as group MD.
Malbak CEO John Monks will head European operations, where the company expects to expand its operations through a series of acquisitions.Currently, 65 per cent of the group's sales are in South Africa, with 30 per cent in Europe and 5 per cent in the rest of Africa.
