Global packaging company TricorBraun has entered into an agreement to acquire PB Packaging, a wholly-owned subsidiary of Melbourne-headquartered Pro-Pac Packaging Limited (ASX: PPG), expanding its presence in Australia.
The move follows TricorBraun’s acquisition of Cormack Packaging in September 2021, which established its footprint in the region.
Founded in 1902, TricorBraun is North America’s largest distributor of primary packaging. It provides solutions across a wide array of customer end markets in plastic, glass, and aluminium containers, closures, dispensers, tubes, and flexibles.
As one of Australia’s providers of plastic and glass packaging, PB Packaging offers rigid packaging, serving customers in the health, industrial, food, and automotive industries.
Established in 1990, PB Packaging has continuously evolved to meet the varying and diverse needs of its customers, offering a comprehensive product range of locally- moulded and imported products.
“We are excited to grow our business in Australia, offering customers expanded solutions and supply chain options,” TricorBraun president and CEO Court Carruthers said.
“The PB Packaging team’s dedication to innovation, quality, and exceptional customer service make them an ideal fit. We are pleased to welcome PB Packaging to the TricorBraun family, and we look forward to investing in its continued growth.”
PB Packaging’s current leadership team will join TricorBraun and all 140 of its team members will be offered positions with the company.
Effective with the closing of the transaction, the business will operate as PB Packaging, a TricorBraun company. The company will continue to operate as a stand-alone business.
“We are delighted that TricorBraun will acquire PB and that all Rigid team members will be offered positions with TricorBraun,” Pro-Pac CEO and managing director Tim Welsh said.
“TricorBraun is a natural home for the PB business, and we look forward to completing the transaction expeditiously.”
PB Packaging executive general manager Andrew Allsop added that the company looks forward to continuing its growth momentum with TricorBraun’s support.
“Over the last 32 years, we’ve solidified our reputation as one of the most respected distributors of packaging materials and services in Australia. We look forward to continuing our service to customers, with TricorBraun’s support, resources, and investments in our growth,” he said.
The transaction is expected to close in the second quarter of 2022, subject to the Australian Foreign Investment Review Board approval and satisfaction of other customary completion conditions.