International packaging and paper firm Mondi Group has completed acquisition on 100% stake in Egypt-based National Company for Paper Products and Import & Export (NPP) for around €24m ($27.7m).

The closing of the deal on a debt and cash free-basis marks that all conditions have been satisfied as per the terms of the deal signed in May 2018.

NPP, which is a privately-owned industrial bags producer, operates one facility in Giza near Cairo. The company supplies majority of its bags to the regional customers in the country.

As of 31 December 2017, NPP generated revenues of EGP577m (€29m) and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of EGP107m (€5m).

Located in Dammam, Saudi Arabia, we serve a wide range of sectors, such as the industrial, chemical and petrochemical, building and construction, catering, dry food processing, as well as the retail sectors.

Commenting on the acquisition, Mondi Group CEO Fibre Packaging Erik Bouts said: “We are excited to have completed this acquisition, which complements our existing network in the growing Middle East region and allows us to grow our business and better serve our customers.”

With the deal now complete, NPP will be integrated into Mondi’s Fibre Packaging Business Unit, which is engaged in producing industrial bags from its four manufacturing plants in the Middle East.

Bouts earlier said: “The acquisition of NPP complements our network of plants in the growing Middle East region and provides us with a leading position in Egypt to grow our business and better serve our customers.”

Recently, Mondi has acquired Powerflute Group Holdings Oy, a unit of Nordic Packaging and Container Holdings (NPAC), in a deal worth €365m on an enterprise value basis.

With around 26,000 people across over 30 countries, Mondi provides packaging and paper solutions to its customers.

The company offers more than 100 packaging and paper products, including flexible packaging, bags, and pouches, as well as corrugated packaging products.

In addition, the firm produces industrial bags, barrier coatings, speciality kraft paper and containerboard.