Upon completion of the acquisition, PB Packaging will continue to operate as a stand-alone business and it will be known as PB Packaging, a TricorBraun company

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TricorBraun operates from more than 75 locations across the world and it has around 1,700 packaging professionals. (Credit: Mediamodifier from Pixabay)

US-based rigid packaging distributor TricorBraun has signed an agreement to acquire PB Packaging to expand its footprint in Australia.

PB Packaging, a wholly-owned subsidiary of Pro-Pac Packaging, is a provider of plastic and glass packaging in Australia.

Under the agreement, the current leadership team of PB Packaging will join TricorBraun and all 140 PB staff will be given roles in TricorBraun.

Upon completion of the acquisition, PB Packaging will continue to operate as a stand-alone business and it will be known as PB Packaging, a TricorBraun company.

The transaction is scheduled to conclude in the second quarter of 2022, subject to clearance by the Australian Foreign Investment Review Board and fulfilment of other standard closing conditions.

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

“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.”

The US-based firm established its presence in Australia with the acquisition of Cormack Packaging in September 2021.

Pro-Pac Packaging CEO and managing director Tim Welsh said: “We are delighted that TricorBraun will acquire PB and that all Rigid team members will be offered positions with TricorBraun.

“TricorBraun is a natural home for the PB business, and we look forward to completing the transaction expeditiously.”

PB Packaging executive general manager Andrew Allsop said: “Over the last 32 years, we’ve solidified our reputation as one of the most respected distributors of packaging materials and services in Australia.

“We look forward to continuing our service to customers, with TricorBraun’s support, resources, and investments in our growth.”

The US-based company has collaborated with management teams to purchase and accelerate the growth of 34 packaging firms across the world since its inception.

The deal is anticipated to close in the second quarter of 2022, subject to the Australian Foreign Investment Review Board’s approval and meeting other customary completion conditions.