Posted by Rita Mu
Pro-Pac Packaging has acquired Melbourne-based bag distributor, SPD International.
The company will be immediately relocated and integrated into Pro-Pac’s new packaging distribution and manufacturing site in Dandenong, Victoria.
Chief Executive of Pro-Pac Brandon Penn said the acquisition would provide the company with a greater range of bag products and expand its customer database.
“The SPD International purchase is another exciting building block in Pro-Pac’s continued growth strategy, and this purchase will provide further access for the cross selling of the group’s product range into several large national customers, particularly in the retail sector,” he said.
SPD International currently generates a turnover of approximately $2.3 million per annum and is forecast to be earnings per share accretive in the first year post acquisition.