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The acquisition of Medco Plast will provide Indorama Ventures exposure to the East African PET packaging market.
The acquisition of Medco Plast will provide Indorama Ventures exposure to the East African PET packaging market.

Indorama Ventures Public Company Limited (IVL) has completed the acquisition of 74% of the share capital of Medco Plast for Packing and Packaging Systems S.A.E. (Medco Plast) from Middle East Glass Manufacturing Co. S.A.E. (MEG) and the Samaha family.

Following the acquisition, MEG will retain a 16% shareholding in Medco Plast, and the Samaha family 10%.

Medco Plast is a manufacturer of recyclable PET preforms, injection molded products, and closures to all the multinational soft drink and water manufacturers operating in Egypt, with a 25% market share. It currently has 11 production lines with a combined annual production capacity of 70,000 metric tons of PET preforms.

This acquisition will provide Indorama Ventures exposure to the East African PET packaging market, complementing its existing footprint in West Africa, where the company has presence in Nigeria and Ghana.

Indorama Ventures will bring leading knowhow capabilities as well as supply chain economies to further enhance Medco Plast's leadership position and grow it into the leading regional player.

"The acquisition of Medco aligns with Indorama Ventures' strategic focus, which includes capitalizing on growth opportunities in emerging markets," commented Mr. Aloke Lohia, Group CEO of Indorama Ventures. “Medco's strong presence in the domestic market and a longstanding customer relationship with all beverage majors operating in Egypt will enable the Company to support growing local customers' demand and provide a platform for further growth in the Middle East and African regions.”

"We are delighted to announce this transaction with Indorama Ventures which will add considerable depth to the existing technical strengths and business and management capabilities that Medco needs to enable its transformation to a world class supplier to the beverage, pharmaceutical and personal care sectors in the region,” stated Mr. Abdul Galil Besher, Chairman of MEG.

“Importantly, this transaction will also allow MEG to deleverage following the aggressive acquisition program started in 2014 and focus ever more closely on driving the efficiency and performance of our core glass container business," Besher continued.

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