SIG COMBIBLOC
Swiss firm acquires all of UAE-based JV
 SIG Combibloc has bought Obeikan’s half of the Dubai-based JV (Photo: SIG) |
Swiss packaging manufacturer SIG Combibloc (Neuhausen; www.sig.biz) said it agreed to take full ownership of SIG Combibloc Obeikan (Dubai / United Arab Emirates), a 50:50 joint venture with Obeikan Investment Group (OIG, Riyadh / Saudi Arabia; www.obeikan.com.sa). The 19-year-old venture supplies SIG filling machines and systems, aseptic carton sleeves and closures to the Middle East, Africa and Turkey (see Plasteurope.com of 20.03.2015). A full-scale manufacturing plant in Riyadh operated by SIG Combibloc Obeikan serves customers in the MEA region.
SIG Combibloc’s acquisition of OIG’s 50% stake in the venture is to be funded with new SIG shares, available cash balances and credit facilities, and a cash consideration of EUR 167m. The plan is to fully integrate the venture into SIG’s global production network once the deal is complete and clears closing and approvals.
SIG Combibloc’s acquisition of OIG’s 50% stake in the venture is to be funded with new SIG shares, available cash balances and credit facilities, and a cash consideration of EUR 167m. The plan is to fully integrate the venture into SIG’s global production network once the deal is complete and clears closing and approvals.
03.12.2020 Plasteurope.com [246454-0]
Published on 03.12.2020
German version of this article...