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Homann Holzwerkstoffe GmbH announces joint venture participation in Egypt

·4-min read

DGAP-News: HOMANN HOLZWERKSTOFFE GmbH / Key word(s): Joint Venture
Homann Holzwerkstoffe GmbH announces joint venture participation in Egypt
11.05.2022 / 11:30
The issuer is solely responsible for the content of this announcement.

Homann Holzwerkstoffe GmbH announces joint venture participation in Egypt

  • Joint investment with strategic partner Egypt Kuwait Holding S.A.E.

  • Entry into Middle Eastern and African market holds great potential for growth

Munich, May 11, 2022 – Homann Holzwerkstoffe GmbH, a leading European supplier of thin, refined wooden fibreboards for the furniture, doors and coatings industries, yesterday acquired a qualified minority stake in wood-based panel producer Nile Wood SAE, based in Sadat, Egypt, through a holding interest in Global MDF. As part of a joint venture with Egypt Kuwait Holding S.A.E. (EKH), which is listed on the Egyptian and Kuwaiti stock exchanges, Homann Holzwerkstoffe is thus entering the fast-growing African and Middle East market. Egypt alone, with a population of around 105 million, offers considerable sales potential for the products of Nile Wood SAE.

A subsidiary of EKH, Nile Wood SAE focuses on medium-density fibreboards (MDF) and has built up a high-end plant including CPS+ continuous press, chipper line, dryer and classifier, gluing, moulding station and moulding line, finishing and raw board storage as well as sanding and sawing line. Production is scheduled to start in Q4 2022 and reach an anticipated capacity of 200,000 cubic metres under full load.

Also part of the joint venture between Homann Holzwerkstoffe and EKH are two subsidiaries of Global MDF Holding, which are involved in the supply of raw materials. For instance, one operating subsidiary has its own Sesbania wood stocks. Thus, the subsidiaries give access to the critical raw material in fibreboard production. EKH additionally owns a subsidiary engaged in the production of petrochemicals which ensures access to glue, another important material.

“We are pleased about the new joint venture and the continued expansion of our Group,” says Fritz Homann, Managing Partner of Homann Holzwerkstoffe. “Egypt Kuwait Holding is a strong professional partner with excellent knowledge of the MEA market. Together with our many years of expertise in the production of thin, refined fibreboards, this will provide Nile Wood SAE with assistance and technical support. The direct access to critical raw materials will be a clear growth driver in this context.”

About Homann Holzwerkstoffe

Headquartered in Munich, Homann Holzwerkstoffe GmbH is a leading supplier of thin, high-quality finished medium-density and high-density fibreboards (MDF/HDF). With production plants in Losheim am See, Germany, as well as Karlino and Krosno/Oder, Poland, the Group serves the global furniture, doors and coatings industries, with the main focus on the European markets. The family-owned company looks back on a long tradition and has been established on the capital market since 2012. Its 2021/2026 corporate bond (ISIN: DE000A3H2V19; WKN: A3H2V1) is listed on the Frankfurt Stock Exchange.

About Egypt Kuwait Holding

Egypt Kuwait Holding Company (EKHO.CA and EKHOA.CA on the Egyptian Exchange and EKHK.KW on the Boursa Kuwait) is one of the MENA region’s leading investment companies, with a portfolio of investments in five main sectors including fertilizers, petrochemicals, gas distribution and power generation and distribution, upstream gas production as well as insurance and non-banking financial services. Established in 1997 by a consortium of prominent Kuwaiti and Egyptian businessmen. EKH strives to continue delivering superior returns to its shareholders on the back of a solid portfolio of integrated investments and the determination of its capable management team.

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Press/Investor Relations:
IR.on AG
Anna-Lena Mayer, Martin Grünter
T +49 221 9140 970

Homann Holzwerkstoffe GmbH
Sandra Jux
T +49 (0)89 99 88 69 0

11.05.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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