Pact Group (ASX: PGH) has completed its acquisition of Synergy Packaging, a Victorian manufacturer of PET and HDPE plastic packaging, bottle containers, jars and bottle caps for various industries in Australia.
Synergy Packaging, based in Tullamarine, is currently part of the Berry Group and specialises in the manufacture of PET and 100 per cent recycled PET (rPET) packaging tailored to the beauty, cosmetics, nutraceutical, and food segments.
Pact Group managing director and Group CEO Sanjay Dayal said, “Synergy is a well-run and successful business with complementary capabilities so this acquisition will accelerate the delivery of our growth strategy in the health and personal care business.
“Synergy’s rPET packaging capabilities will further enhance our capacity to meet growing customer demand for sustainable products and aligns directly with Pact’s vision to lead the circular economy.”
Pact Group is an integrated packaging, reuse, and recycling company which employs more than 6,000 people at 110 sites in 15 countries.
The company has been investing in a network of manufacturing and recycling facilities throughout Australasia to deliver innovative solutions which can reduce waste and enhance sustainability.
The acquisition completion follows the ACCC’s issue of a statement saying that it will not oppose Pact Group’s proposed acquisition of Synergy Packaging.
At the time, ACC said the acquisition by Pact and its involvement in the production of recycled PET raw materials in Australia would not allow it to block Synergy’s competitors from accessing recycled raw materials, including because imported recycled PET materials would remain available.