Bulgarian lead-acid battery maker Monbat has expanded its Africa and the Middle East operations with the acquisition of Nour Batteries, a Tunisian battery manufacturer for €10.3mn ($12.6mn).
Under the agreement, the group has bought a 60pc stake in Nour, which is expected to lift the company’s revenue by €30mn and increase its capacity to cater to the African and Middle Eastern Markets. Monbat also plans to further develop Nour’s recycling plant to provide the raw materials for new batteries.
In January-April, Monbat’s net revenue grew by 29.9pc to BGN119.24mn (74.57mn), the company reported last week, with its EBITDA increasing by 63.1pc to BGN 17.14mn compared to the same period last year.
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