Spanish packaging company Europac Group has signed an agreement with International Paper to sell its factory in Tangier, Morocco.

Inaugurated in February 2016, the Tangier packaging factory recorded a turnover of €8m at the end of last year.

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The consideration for this sale is nearly €40m, which will increase to €44m after balance sheet adjustments.

The transaction has received the approval of the Conseil du Concurrence, the anti-trust authority in Morocco.

Currently, the Europac Group is focusing on developing a growth project in Spain in order to strengthen its market share, commercial policy and integration strategy.

"Our flexibility and adaptive capacity to establish priorities within a global strategy has led us to consider as advisable the sale of the Tangier factory."

Europac Group executive chairman Jose Miguel Isidro said: “We have always expressed our willingness to grow in a priority market such as Spain, especially in the packaging and recovered paper business lines.”

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“For all these reasons, from the point of view of creating value for shareholders, our flexibility and adaptive capacity to establish priorities within a global strategy has led us to consider as advisable the sale of the Tangier factory.”

To support its policy, the company acquired Lucena packaging factory in Córdoba, Spain, as well as an investment project to increase the capacity of the Dueñas packaging factory in Palencia.

It also planned to invest in three converting lines at the Alcolea del Cinca factory in Huesca.

Europac has also expanded its range of recycled coated papers produced from the Dueñas paper mill.

The company recently acquired Transcon, a waste management unit in Valladolid, to enter new business sectors in the waste management market.