ASX listed national packaging group, Pro-Pac Packaging Ltd (PPG) announced the purchase of the business and assets of Medirite Australia Pty Limited. Medirite is a long established Sydney based importer and distributor of personal protection equipment (PPE) and safety products with a strong focus on the industrial hand protection category to the food, pharmaceutical and medical industries. The business has a current annualised turnover of approximately $6m and complements Pro-Pac’s existing and growing PPE and safety product business. The purchase consideration will be funded from Pro-Pac’s existing cash resources and debt facilities but will include the issue to the vendors of 750,000 shares at 45 cents per share.
Commenting on the acquisition, Pro-Pac’s CEO, Brandon Penn, said “the purchase of the Medirite business not only provides Pro-Pac with an expanded PPE and safety product offering, but also provides the Pro-Pac group with enhanced product sourcing capabilities and an experienced, knowledgeable and enthusiastic management team to drive the growth of the PPE and safety 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, Melbourne and Perth.
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Tags: acquisition, PPE, PPG, Pro-Pac Packaging, Safety Products
