Gulf Capital-owned Middle East Glass (MEG) has purchased Misr Glass Manufacturing (MGM), which produces container glass for the food and beverage industry.
Financial details of this transaction have not been revealed.
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Middle East Glass is a supplier of glass bottles for Coca-Cola, Nestle and other major beverage producers.
Before this deal, MGM was the second leading container glass manufacturer with three furnaces that have a combined production capacity of 141,000t per annum.
It produces glass containers in flint, amber and green colours and caters to both domestic and international markets.
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With the acquisition, the combined entity will have six furnaces with a total production capacity of 378,000t per annum.
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By GlobalDataGulf Capital CEO Dr Karim El Solh said: "MEG is rapidly positioning itself as the largest Arab glass packaging manufacturer, both through organic growth and through acquisitions.
"This latest acquisition of Misr Glass Manufacturing gives the combined businesses significant scale and allows MEG to increase its share of exports."
Middle East Glass chairman Abdul Galil Besher said: "With this latest acquisition, Middle East Glass will become the leading glass packaging manufacturer in Egypt with a strong platform to accelerate our export led growth to our traditional regional food and beverage customers and beyond."
"Misr Glass Manufacturing brings a strong customer base in our target markets, an attractive portfolio of products and flexible production capacity and will add depth to our leadership team. We are very confident that the acquisition will create significant value for all MEG stakeholders."
The deal will also make Middle East Glass one of the packaging industry leaders in the MENA region.
Image: Middle East Glass is a supplier of glass bottles for several beverage producers. Photo: courtesy of Winnond via freedigitalphotos.net
