Pact Group Holdings has completed its acquisition of Synergy Packaging, with Pact Group MD and Group CEO Sanjay Dayal positive about the potential of the venture.
"Synergy is a well-run and successful business with complementary capabilities so this acquisition will accelerate the delivery of our growth strategy in the health and personal care business," said Dayal, pointing out that the company's rPET packaging capabilities will "further enhance" Pact's capacity to meet growing customer demand for sustainable products and aligns directly with its vision to lead the circular economy.
Australian Competition and Consumer Commission (ACCC) confirmed in May that it would not oppose the proposed purchase, saying the acquisition is unlikely to reduce competition in Australia's rigid plastic packaging sector.
Synergy, which is currently part of the Berry Group, manufactures and supplies plastic packaging products from its facility in Tullamarine, Victoria and specialises in the manufacture of PET and 100 per cent recycled PET (rPET) packaging tailored to the beauty, cosmetics, nutraceutical, and food segments.
ASX-listed Pact Group is an integrated packaging, reuse, and recycling company which employs more than 6,000 people at 110 sites in 15 countries. It manufactures and supplies a wide range of plastic packaging products throughout Australia, including non-beverage polyethylene terephthalate (PET) containers.
Pact is also involved in the supply of recycled PET raw materials, with interests in the joint ventures Australian Recycled Plastic, and Circular Plastics Australia (PET).