Saint-Gobain plans to acquire two Algerian glass companies in a move to strengthen its position in the Maghreb, it was reported on 6 December 2007.
The buyer is apparently in talks for state-owned sp…
Saint-Gobain plans to acquire two Algerian glass companies in a move to strengthen its position in the Maghreb, it was reported on 6 December 2007. The buyer is apparently in talks for state-owned specialists Alvert and Sovest, which are to be privatised. No financial details were disclosed. The operation is in line with the Saint-Gobain“s recent moves in the Maghreb and is a further step in its growth strategy in emerging countries. At the beginning of December 2007, the French group acquired Algerian plaster producer Entreprise de Platre et Derives (EPD) for USD 8.89 million (EUR 6.08 million). Earlier, the group set up a joint venture with Egyptian real estate group El Mansour and El Maghraby Investment and Development Company (MMID) to build and operate a float glass production unit. The investment was estimated at EUR 120 million (USD 175.5 million). Building work is due to start in 2008, while the facility is to be operational in 2009. The output of the facility will be destined for the Egyptian market and also exported to the Middle East and Africa.