|Guala Closures to buy into African market|
|Written by Carol Emmas|
|Thursday, 05 July 2012 09:12|
Guala Closures is pushing forward with the acquisition of South African closure manufacturer MCG Industries.
The transaction is subject to the approval of the South African Competition Commission, which is expected to be given in the last quarter of 2012.
If approval is accepted it gives Guala Closures its first base on the African continent.
Chairman and chief executive Marco Giovannini, said the company has been looking for a while to strengthen its presence in the "fast-growing" sub-Saharan African market.
"This acquisition is a further step in the strategy of consolidating our core business - not only does it give us access to other African countries, but it means we can add Stellenbosch to the Barossa and Napa Valleys in our list of Guala Closures locations."
Based in Cape Town, Metal Closures manufactures a broad range of aluminium closures to a blue chip customer base across the country.
In 2011, the Guala Closures Group recorded a turnover of over €410 million.