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Nampak Limited - Foreign investment in Nampak Glass: Press Release
NAMPAK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/008070/06)
("Nampak")
ISIN: ZAE000004933
Share code: NPK
PRESS RELEASE
FOREIGN INVESTMENT IN NAMPAK GLASS
Johannesburg, Monday 3rd October 2005: Nampak"s glass business is set to receive
a significant boost, with the announcement that the company has entered into a
joint venture with Wiegand-Glas, one of Germany"s most respected glass
manufacturers.
Agreement in principle was reached today, whereby Wiegand-Glas will acquire a
50% stake in Nampak Glass for 18 million Euros. Fundamental to the agreement is
a commitment towards a substantial investment programme in the business, aimed
at upgrading and enhancing current production facilities and some capacity
expansion. The parties have agreed to a further investment of approximately
R320-million over the next three years. Furthermore Nampak and Wiegand-Glas
have agreed to explore expansion opportunities.
The transaction has been approved by the local competition authorities and the
company will be known as Nampak Wiegand Glass.
Wiegand-Glas is totally committed to the development of local skills. As part
of the investment initiative, the company will allocate German resources to
South Africa to impart technical knowledge, experience and expertise to people
within Nampak"s existing glass operation.
For Wiegand-Glas, which boasts a history dating back to 1593, the deal with
Nampak is the company"s first in Africa. Wiegand-Glas operates two glass plants
in Germany, with an annual capacity of five hundred thousand tonnes.
According to Wiegand-Glas" Joint Managing Director, Nikolaus Wiegand, the
company is "delighted" to have formalised its relationship with Nampak and sees
this as an exciting opportunity to become part of the Southern African glass
market.
At Nampak, sentiment around the transaction is equally upbeat. The company"s
Managing Director for Africa, Neil Cumming, has welcomed the deal and says that
he"s looking forward to seeing the benefits accrue to Nampak"s customers,
specifically in terms of the access to the latest technology and world-class
innovative capability.
"The influx of skills and the ability to develop local talent is equally
exciting," adds Neil. "We believe we"ve managed to cement a partnership that"s
good for our people, our customers and our products."
The move, he said, is a firm indication of Nampak"s intention to increase its
presence in South Africa"s growing glass market.
Johannesburg
3 October 2005
Date: 03/10/2005 01:13:05 PM Produced by the JSE SENS Department
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