Procurement News Notice |
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| PNN | 6959 |
| Work Detail | Australian packaging giant Pact Group Holdings Ltd. is expanding its manufacturing business by buying one of the country’s largest pharmaceutical manufacturers. Publicly listed Pact is paying A$90 million (US$69 million) to buy Australian Pharmaceutical Manufacturers Pty. Ltd. (APM). The deal is expected to be finalized Sept. 16. Both companies are headquartered in Melbourne. APM began manufacturing in 2002 and is one of Australia’s largest manufacturers of pharmaceuticals and packaging for nutraceutical products, including vitamin supplements and herbal remedies. Pact Group managing director and CEO Malcolm Bundey said the deal is part of Pact’s co-manufacturing expansion strategy and followed its purchase last year of fast-moving consumer goods packaging producer Jalco Group Pty. Ltd. Pact paid A$80 million for Jalco. Bundey said: “There is significant overlap in [Pact’s and APM’s] customer portfolios and this acquisition enables [both of] us to expand our service offering and deepen our customer relationships.” He said Pact was attracted by APM’s experience in the health and wellness industry. Pact Group’s manufacturing operations include blow, injection and compression molding, and automated assembly of plastics packaging and components. It has about 70 manufacturing plants in Australia, New Zealand, China, the Philippines and Thailand. Pact posted a net profit last year of A$85 million on annual sales of more than A$400 million. |
| Country | Australia , Australia and New Zealand |
| Industry | Paper & Packaging |
| Entry Date | 15 Oct 2016 |
| Source | http://www.plasticsnews.com/article/20160906/NEWS/160909884/australia-packaging-giant-buys-pharmaceutical-manufacturer |
