Elopak completes acquisition of Naturepak Beverage Packaging from Gulf Industrial Group and Evergreen Packaging International; Naturepak supplies gable top fresh liquid cartons and packaging systems, has production facilities in Morocco, Saudi Arabia

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OSLO, Norway , March 29, 2022 (press release) –

Elopak advances its growth strategy with key acquisition of Naturepak Beverage Packaging Co Ltd, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region.

Elopak ASA (“Elopak”, ticker “ELO”) has completed its acquisition of Naturepak Beverage from Naturepak Limited, a wholly owned subsidiary of Gulf Industrial Group, and Evergreen Packaging International LLC (Evergreen Packaging), a wholly owned subsidiary of Pactiv Evergreen Inc.

The acquisition of Naturepak, the leading gable top fresh liquid carton and packaging systems supplier in the MENA region, sees the addition of local production facilities in Morocco and Saudi Arabia to Elopak’s extensive existing global network, which already encompasses customers across 70 countries. At the same time, it boosts annual production capacity by more than 2.5 billion cartons, supporting the company’s ambition to meet the growing demand for sustainable packaging solutions.

The acquisition will also provide access to a strategic customer base in the fresh beverage carton segment in key growth markets, many of whom are global blue chip FMCG players and strong regional champions.

The acquisition marks a key milestone in Elopak’s growth strategy. Having listed on the Oslo stock exchange in 2021, the company is seeking to capitalize on its strong track record, growing geographical footprint and investment in sustainability-focused innovations to target organic growth of 2-3% per annum. It is pursuing new business opportunities across both traditional and non-traditional segments, as well as driving the plastic to carton conversion.

Commenting on the acquisition Elopak CEO Thomas Körmendi stated,

“We are delighted to have acquired such a high-quality asset in MENA. This move greatly enhances our position in the Middle East and African markets, enabling us to realize our ambitions of this growth region, as well as further strengthening our global footprint. Going forward we are excited to share our sustainable packaging solutions with Naturepak Beverage’s client base and work hand-in-hand with them to find ways to reduce their carbon footprint and empower consumers to make environmentally conscious choices. As we strengthen our presence in the region, we continue to bring new products to market that provide natural and convenient alternatives to plastic bottles that fit within a low carbon circular economy. We are ready to leverage our expertise, market-leading technology and skills to grow our presence in the region across products, segments and markets.”

THOMAS KÖRMENDI, CEO ELOPAK

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