Hadera Paper Ltd Executes Agreement To Acquire Carmel Container Systems Ltd Shares
Hadera Paper Ltd , which manufactures and sells packaging paper, collects and recycles paper and plastic waste and markets office supplies, declared on 11 July that the company has entered into a purchase agreement to acquire the shares of Carmel Container Systems Ltd (Carmel), a designer and manufacturer of paper-based packaging and related products.
The shares will be acquired from Carmel's principal shareholder, Robert Kraft, as well as from a number of additional shareholders, on an 'as is' basis, for the total consideration of approximately USD 20.77 m. Presently, Hadera Paper Ltd holds approximately 36% of Carmel. Hadera Paper Ltd, upon completion of the transaction, will increase its shares in Carmel to approximately 89.3%.
