TRICORBRAUN TO ACQUIRE PB PACKAGING, EXPANDING ITS PRESENCE IN AUSTRALIA

ST. LOUIS, April 10, 2022 /PRNewswire/ -- Global packaging leader TricorBraun announced today that it has entered into an agreement to acquire PB Packaging ("PB"), a wholly-owned business of Pro-Pac Packaging Limited (ASX: PPG) ("Pro-Pac"), expanding its presence in Australia.

One of Australia's leading providers of plastic and glass packaging, PB is a one-stop shop for rigid packaging needs, serving customers in the health, industrial, food, and automotive industries.

"We are excited to grow our business in Australia, offering customers expanded solutions and supply chain options," said Court Carruthers, president and CEO, TricorBraun. "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."

TricorBraun established its footprint in the region with its acquisition of Cormack Packaging in September 2021.

PB's current leadership team will join TricorBraun and all 140 PB team members will be offered positions with the company. Effective with the closing of the transaction, PB 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," said Tim Welsh, CEO and managing director, Pro-Pac. "TricorBraun is a natural home for the PB business, and we look forward to completing the transaction expeditiously."

"Over the last 32 years, we've solidified our reputation as one of the most respected distributors of packaging materials and services in Australia," said Andrew Allsop, executive general manager, PB Packaging. We look forward to continuing our service to customers, with TricorBraun's support, resources, and investments in our growth." 

Since its founding, TricorBraun has partnered with management teams to successfully acquire and further accelerate growth for 34 packaging companies globally.

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.

About PB Packaging
PB Packaging is the Rigid division of the Pro-Pac Group (PPG) of companies, one of Australia's largest publicly listed packaging companies. 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.

About Pro-Pac Packaging
Pro-Pac Packaging Limited (ASX: PPG) is an innovative Flexibles, Industrial Specialty Packaging and Rigid packaging company with a diversified distribution and manufacturing network throughout Australia and New Zealand. Headquartered in Melbourne, Pro-Pac delivers bespoke packaging solutions for a broad group of blue-chip and SME clients in the industrial, food and beverage, health, agriculture and manufacturing sectors.  For further information, please visit www.ppgaust.com.au.

About TricorBraun
Founded in 1902, TricorBraun is a global packaging leader and North America's largest distributor of primary packaging. We provide innovative solutions across a wide array of customer end markets in plastic, glass, and aluminum containers, closures, dispensers, tubes, and flexibles. Our award-winning Design & Engineering Center provides forward-thinking design, driven by consumer insight and creative solutions. We leverage our global supply chain expertise, expansive and sustainable footprint, and unmatched purchasing power to identify the best sourcing partners and cost-effective solutions for our customers. TricorBraun is comprised of more than 1,700 packaging professionals operating from more than 75 locations across the Americas, Europe, Asia, and Australia.

SOURCE TricorBraun