Australia's Pro-Pac eyes best day in 7 months on selling rigid packaging unit

Pro-Pac Packaging

11/04/2022 03:31

** Shares of diversified packaging company Pro-Pac Packaging
 PPG.AX  climb as much as 10% to A$1.21 - set to rise the most
since Sept. 7, if gains hold 
    ** Co says https://www.ppgaust.com.au/files/61/2022/1063/PPG---Project-Lasso-ASX-Announcement-11-April-2022.pdf
 to sell its Rigid packaging business to U.S.-based distributor
of rigid packaging TricorBraun Inc for A$56 mln ($41.54 mln)
    ** TricorBraun will acquire Pro-Pac's Rigid business via
Australian unit Cormack Holdings
    ** PPG says on track to meet guidance for 2H22, FY22 if
acquisition gets completed by June 30, 2022
    ** Stock hits highest since March 25; down 23.88% this year,
as of last close

($1 = 1.3481 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com))