Al-Khaleej Polypropylene Products Acquires 80% Of Egypt’s 2M

Oman-based Al-Khaleej Polypropylene Products (AKPP) has completed the acquisition of 80% of Egypt’s 2M, producer of cast polypropylene (CPP) film, at a cost of $4.2mn. Egypt’s Salma Group holds the remaining 20% which are managed by the Omani company. The acquisition aims to offset AKPP’s capacity loss caused by the fire which damaged the CPP film lines of its Sohar plant on 29 May. The Egyptian company’s production totals 400 tons/month, equivalent to AKPP’s capacity loss.