Packaging manufacturer Pact Group Holdings Limited (ASX:PGH) will acquire the Australian and New Zealand operations of Sulo MGB.
Sulo has an annual turnover of around $48 million and produces around two million plastic waste and recycling bins annually.
The company will pay up to $34.8 million for the Sulo operations in Australia and New Zealand, to be funded through Pact Group’s existing debt facilities.
CEO Brian Cridland says they are excited about the acquisition, as it’s a business that will complement their growing sustainability, material handling and infrastructure division.
Pact Group reported a net loss of $1.9 million in the first half of the 2014 financial year.
