Packaging firm SIG has announced that it has acquired the remaining 50% stake in its Middle East and Africa joint venture, SIG Combibloc Obeikan, from its partner Obeikan Investment Group.
The venture was fully consolidated by the group at the end of February 2021.
The acquisition will expand SIG's global presence and give direct access to the growing markets of the MEA region, the company added.
Abdelghany Eladib, the current chief operating officer of the joint venture, has joined SIG's executive board as president and general manager of the Middle East and Africa.
The packaging giant's board of directors has also nominated Abdallah Al Obeikan, group chief executive officer and member of the board of directors of OIG, for election to its board of directors at the AGM, scheduled on 21 April 2021.
Samuel Sigrist, chief executive officer of SIG, said: "We are delighted to welcome SIG Combibloc Obeikan as a full member of the SIG family and are looking forward to pursuing additional growth opportunities together.
"The strong MEA footprint built over the years will be further strengthened as we expand our product offering and geographic reach."
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Conor Farrelly. Click subscribe to sign up to ESM: The European Supermarket Magazine.