UK packaging and paper company Mondi Group has completed the acquisition of Egyptian National company for Paper Products and Import and Exports (NPP) for a total consideration of 510 million Egyptian pounds ($27 million or 24 million euros) on a debt and cash free-basis.

NPP operates an industrial bags plant in Giza near Cairo (Egypt), serving regional customers. The business will be integrated into Mondi’s fibre packaging business unit.

Mondi said that the acquisition complements its existing network in the growing Middle East region and allows it to grow its business and better serve its customers.

In 2017, Mondi had revenues of 7.10 billion euros and underlying earnings, before, interest, taxes, depreciation, and amortization of 1.44 billion euros.