San Miguel to buy Australasian packaging company
San Miguel Corp is poised to acquire a majority stake in Australasian packaging company Cospak Group as part of its expansion strategy in the region.
The Philippine food and beverage giant announced the takeover, to be carried out through its subsidiary San Miguel Yamamura Packaging International Ltd (SMYPIL), should be finalised by February 2010.
“SYMPIL hopes to make the Cospak Group the vehicle for its Australasian and rapidly growing export business,” said San Miguel in a statement to the Philippine Stock Exchange.
The Cospak Group is said to be the largest packaging trading firm in Australasia, with annual revenues exceeding A$120m. The Sydney-based company operates mainly in Australia and New Zealand but has what San Miguel said were “trading outposts” in South Africa and Italy.
SYMPIL is a joint venture of San Miguel and Japan’s largest glass manufacturer Nihon Yamamura Glass Co.
