Nampak acquires German glass-making firm

17 November 2011 (Last Updated November 17th, 2011 18:30)

South African packaging manufacturer Nampak has acquired the remaining 50% stake in German glass-making firm Bayerische Flaschen-Glashuttenwerke Wiegand & Sohne in a deal worth R938m ($115m).

South African packaging manufacturer Nampak has acquired the remaining 50% stake in German glass-making firm Bayerische Flaschen-Glashuttenwerke Wiegand & Sohne in a deal worth R938m ($115m).

Andrew Marshall, Nampak CEO, said the acquisition is part of the company's strategy to invest in its core businesses and that the company aims to expand its glass operations in South Africa and the rest of Africa by owning 100% of the glass business.

The packaging major is also considering to invest about R4bn ($490m) over the next five to six years in new glass furnaces in Africa where it does not already supply glass.

Nampak has two glass furnaces in South Africa, each with an annual capacity of 100000t.