Mondi acquires Amreyah Cement plant in consolidation drive

M&A WATCH- Packaging group Mondi has acquired Amreyah Cement’s industrial bag plant, the local press reported, quoting unnamed sources close to the matter. The sources didn’t disclose the exact value of the transaction, only describing it as “medium-sized.” Amreyah, reeling from the drawn out supply glut crippling the industry, made the decision to cut its running costs, the sources said. Mondi, meanwhile, plans to create a large paper business in Egypt, having acquired Suez Bags and the National Company for PaperProducts in 2018.