After weeks of mounting speculation packaging manufacturer Pact Group Holdings Limited
(ASX:PGH) has confirmed it has inked an $80 million deal to buy Jalco Group.
Jalco Group is a supplier of outsourced manufacturing and filling in the non food fast moving consumer goods sector and the company employs about 500 people.
CEO Brian Cridland says Jalco Group is an ideal strategic fit and will allow Pact Group to deepen existing relationships and enter new areas of growth.
While completion of the deal is subject to customary conditions the acquisition is expected to be immediately earnings per share accretive.
Pact Group reported a net profit of $41.81 million in the first half of the 2015 financial year.
