ASX listed national packaging group, Pro-Pac Packaging Ltd (PPG) announced the purchase of the business and assets of Stanli Packaging Pty Limited. Stanli Packaging is a small Adelaide based niche distributor of general industrial packaging and safety products, servicing a broad spectrum of industries including the building, pharmaceutical and food sectors. The business complements Pro-Pac’s existing product and customer profiles. 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 66,667 shares at 45 cents per share.
Commenting on the acquisition, Pro-Pac’s CEO, Brandon Penn, said “the purchase of the Stanli Packaging business not only complements the Group’s existing operations in the region but will add the required critical mass and experience necessary for the new distribution centre that is planned for completion during the third quarter in Wingfield. This acquisition is the final in a series of four that was announced earlier in the year and scheduled for completion by the end of the first half of the financial year. I take this opportunity to welcome aboard the well regarded Stanli Packaging team and look forward to the significant contribution anticipated from their wealth of knowledge and industry experience.”
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.