Photo by: Duane Daws
JSE-listed Astrapak will sell specialised packaging systems manufacturer Knilam to Mapflex SA for R17.7-million.
The proceeds would be used to reduce Astrapak’s current level of gearing.
“This transaction is fully aligned with our strategy of continuing to focus on creating businesses of scale within selected markets. Knilam represents a small niche flexible operation that is better aligned to the operations of the purchaser,” Astrapak said in a statement.
The company aimed to conclude the transaction by August 1.
Knilam, a flexible packaging manufacturer, operated nationally and manufactured and sold predominantly modified atmosphere packaging solutions for applications in the perishable produce, fresh produce and convenience food markets.