Sydney-based Eco develops and sells food packaging trays for the fresh meat, seafood and poultry industries. Its range of trays are used by fresh food processors to pack product into retail packs that are predominantly sold through the major supermarket chains in the fresh meat, seafood and poultry aisles.
Eco has experienced high sales growth and market acceptance over a relatively short period of time, and this is expected to continue. Current annualised revenues are circa A$12m.
Eco will be relocated and integrated into PPG’s existing infrastructures. This will provide distribution synergies for the business as well as enhanced customer service for the customers.
The acquisitions will be funded from a combination of the Group’s existing bank facilities and internal cash flows and will be earnings accretive in FY14.
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