San Miguel acquires Australian packaging firm
San Miguel Corporation has announced the acquisition of a majority stake in the Cospak Group.
Based in Sydney, Australia, the Cospak Group is the largest packaging trading firm in Australasia – San Miguel said. Although the Group operates largely in Australia and New Zealand, the company has trading outposts in South Africa and Italy. Combined with its manufacturing operations, the annual revenues of the Cospak Group exceed A$120 million.
The company said they hoped to make the Cospak Group the vehicle for its Australasian and rapidly growing exports business.
The share sale and subscription agreement is expected to be completed no later than February 2010.