Novus Holdings welcomes ITB Manufacturing on board

Johannesburg - A large merger between commercial print and manufacturing firm Novus Holdings [JSE:NVS] and private plastic packaging solutions company ITB Manufacturing came into effect on Thursday. 

This after the Competition Commission approved the proposed merger between the two in June 2017. 

The acquisition forms part of Novus Holdings’ business strategy to diversify into related and new markets to boost profitability and increase cash-flow through sourcing new revenue streams, the group said in a media statement. 

“Acquiring ITB Manufacturing will allow Novus Holdings to access revenue streams outside of the print media sector, which to date has been the source of the majority of our income," said Keith Vroon, the group CEO of Novus Holdings.

"This investment in the packaging industry further entrenches us in the broader industrial and manufacturing sectors, and is complementary to our existing operations."

ITB Manufacturing, which has operations in KwaZulu-Natal and Gauteng, produces packaging solutions, automated packaging films for dry goods, industrial bulk packaging, check-out bags, and more.

Tim Stewart, the managing director of ITB Manufacturing, said in a statement: "We are delighted to join forces with the Novus Holding group of companies, and look forward to the opportunities to offer an expanded range of packaging solutions, with an improved geographical footprint and an enhanced range of products and services from synergies with the technical and production capabilities of Novus Holdings."

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
16.98
+1.1%
Rand - Pound
20.38
+0.7%
Rand - Euro
17.62
+0.8%
Rand - Aus dollar
11.44
-0.2%
Rand - Yen
0.12
+0.4%
Gold
1,754.45
+0.7%
Silver
21.28
+1.6%
Palladium
1,864.65
+0.9%
Platinum
1,002.54
+1.0%
Brent Crude
83.19
-0.5%
Top 40
67,113
+0.2%
All Share
73,449
+0.1%
Resource 10
71,606
+1.2%
Industrial 25
88,475
+0.1%
Financial 15
16,217
-1.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders