INDEVCO Group set to acquire Haitoglou – Hartel in Greece

INDEVCO Group has had a presence in Greece since 2009 through its Unipak Hellas affiliate. Following the acquisition of  PAKO in 2018, and in line with the group’s strategy to make Greece the business hub of its South East European operations, INDEVCO Group is now set to complete the acquisition of Haitoglou – Hartel SA, further contributing to the shaping of a vertically integrated paper and packaging group. This acquisition is part of the Group’s investment plan involving significant expenditure in Greece, creating new job opportunities and adding value to the Greek industrial sector.

Haitoglou – Hartel SA was established in 1979 and is one of the largest players in the market. The acquisition will secure the employment of the Hartel employees.  INDEVCO Group has also put in place significant plans to transform the production capabilities of Hartel.

Fayssal Frem, Member of the Board of Directors of the INDEVCO Group of Companies, and who is leading the INDEVCO Group activities in Greece, says, “Hartel-Haitoglou SA has always been considered to be a reliable supplier of products to Unipakhellas, our relationship dates back to 2013 and this acquisition is regarded as a business continuation with a lot of strategic fits. The team at Unipakhellas is excited to welcome the Hartel team into the family, I am certain they will do a great job consolidating Unipakhellas product portfolio and supply chain for the benefit of all stakeholders. This acquisition will provide a comparative advantage for Unipakhellas to reach customer across all areas of the Greek market as well as an export base to neighbouring areas.”

The transaction has already received the approval of Hellenic Competition Commission.  Closing of the deal is expected to occur within the following months.

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