The Australian and New Zealand businesses of Pro-Pac Packaging (PPG) has been sold to Consolidated Packaging Australia, a subsidiary of Knoxcorp, the privately owned Australian investment company headed by Jim Knox.
Administrator McGrath Nichol confirmed to the ASX that it has entered into a Business Sale Agreement for the sale of PPG's Australian businesses and assets, excluding the Perfection Packaging businesses, to flexible packaging specialist Consolidated Packaging, with sale completion expected by early March this year.
The Dandenong, Victoria-based Perfection Packaging business is being wound down and is due to close in February 2026.
The sale of the New Zealand PPG businesses is expected to complete by end January 2026.
McGrath Nichol said that both acquisitions are on a going-concern basis, allowing transfer of employment for all current employees, except for those working for Perfection Packaging. The administrator said the proceeds from the transactions, however, will not be sufficient to provide a return to shareholders.
KnoxCorp, founded by Jim Knox, is headquartered in Brisbane and holds and manages a diverse portfolio of enterprise and property developments.
Knox previously owned and operated Cospak prior to its sale in 2009 to San Miguel Yamamara Packaging.
Knox said his company looks forward to developing the PPG business and serving its customers. He noted that local manufacturing is essential to these customers' supply chains, and confirmed that the company will make "significant investments in machinery to deliver on our core value proposition".
PPG entered voluntary administration in October last year.
