Pro-Pac Packaging Ltd (PPG) today announced that, as part of its acquisition strategy, it had acquired all of the issued equity of Queensland- based Creative Packaging Pty Ltd. Creative Packaging is a manufacturer, converter and distributor of corrugated cardboard, cardboard boxes and packaging, predominantly servicing the Queensland market. The company has current revenue in excess of $10 million. The acquisition of Creative Packaging is forecast to be earnings accretive in the current financial year. The purchase consideration comprises cash and an issue of Pro-Pac shares at a deemed issue price of $0.35 per share. The cash component has been funded from Pro-Pac’s existing cash resources and debt facilities.
Commenting on the acquisition, Pro-Pac’s CEO, Brandon Penn, said ‘The Creative Packaging acquisition is a further exciting step in Pro-Pac’s continued growth strategy which includes the acquisition of complimentary industrial packaging solution businesses and should deliver both short and longer term benefits nationally for the Pro-Pac group’s cardboard product category.’
Pro-Pac Packaging Limited is a diversified manufacturing and distribution company, providing innovative, flexible and rigid packaging solutions for a broad group of customers. PPG is headquartered in Sydney with operations in Adelaide, Brisbane and Melbourne.
Tags: New acquisition, packaging, PPG, Pro-Pac Packaging
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