South African packaging group Astrapak says it has consolidated its place as the country's second largest packaging group, after its shareholders approved a R123 million (€12.3m) acquisition.
Astrapak is to purchase 75 per cent of Master Plastics, a company which makes plastic bottles and closures and packaging for toiletries and personal care products.
"This deal will take our turnover to R1.1 billion a year, and we expect to grow our business above that figure," Astrapak CE Ray Crewe-Brown said last week. "We will be the second player in the SA market after the merged Nampak."
Once the planned merger between Nampak and Malbak goes through, as is expected at the beginning of August, Astrapak will be the second largest player in the local packaging sector.
"Astrapak was only started in 1997, and it is a feather in our cap that we have now reached this position," he said.
Astrapak was interested in any further acquisition opportunities, he added.
Competition authorities cleared the Master Plastics deal and the Nampak/Malbak merge, on condition that Malbak sell a bubble-wrap machine.