ASX-listed packaging specialist Pact Group yesterday announced an agreement to acquire Australian Pharmaceutical Manufacturers, described as one of the biggest providers of manufacturing and packaging services for nutraceuticals in Australia.
The $90 million deal will be funded by a $75 million loan and a share issue of $15 million, and is expected to settle on 16 Sep.
APM's facility in Keysborough, Vic utilises the latest in technology to deliver tableting, encapsulation and packaging solutions, manufacturing in accordance with TGA licensing requirements.
'The acquisition of APM is strongly aligned with our growth strategy and is expected to add significant value to Pact," said Pact ceo Malcolm Bundey.
"APM operates in a very attractive sector which is experiencing robust growth in demand both domestically and in export markets," he said.
Bundey said the APM portfolio complemented Pact's existing business, with significant overlap in customer portfolios which will enable the group to expand its service offering and deepen customer relationships.
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