Packaging company Nampak has announced plans to buy out the German partner to its local glass business and invest up to R4 billion over the next five to six years in building new glass furnaces in South Africa and elsewhere on the African continent.

“This acquisition is part of our strategy of investing in our core businesses where we believe we have competitive advantages,” said Andrew Marshall, Chief Executive Officer.

“As a result, Nampak is looking to grow its glass operations in South Africa and the rest of Africa. This will be more easily achieved by us owning 100% of the glass business,” he added.

The private German glassmaking business has been the technical partner to Nampak’s glass operations for the past 10 years, having acquired a its 50% stake in the business in October 2005 for €18 million.