JSE-listed Nampak on Friday announced that it entered into an agreement for the sale of Nampak Plastics Europe (NPE) to Bellcave for an undisclosed amount.
NPE was designated as an asset held for sale in August and an accelerated disposal process was initiated.
Nampak received indicative offers in September and a final agreement was signed this week.
“The sale of NPE is in line with Nampak’s ongoing strategy to sharpen our focus on strategic substrates. We continue to rationalise the portfolio to optimise and improve returns on capital and reinforce our strategic intent,” outgoing CEO André de Ruyter commented in a statement on Friday.
The sale is effective immediately and includes the pension fund liability. Ownership of NPE transfers to Bellcave on the date of signature of the sale and purchase agreement.
There are no conditions precedent and no regulatory approvals are required.