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Nampak buys out Wiegand-Glas
Nampak has acquired the other 50% share in its glass packaging business from Wiegand-Glas for R938 million, it was announced yesterday, 16 November.
Andrew Marshall, CEO of Nampak said "this acquisition is part of our strategy of investing in our core businesses where we believe we have competitive advantages. As a result, Nampak is looking to grow its glass operations in South Africa and the rest of Africa. This will be more easily achieved by us owning 100% of the glass business.
"Although they will no longer be shareholders in the business we are pleased that Wiegand-Glas have agreed to remain as our technical service provider."
The transaction is subject to the approval of the Competition Authorities.
