Rich Lister Raphael Geminder’s miserly buyout offer for the packaging group is struggling to gain traction.
Rich Lister Raphael Geminder wants the other 50 per cent he doesn’t own, but has gained little traction.Pact Group
Kin Group is making slow progress gaining acceptances and its latest filing to the ASX showed that at October 18, it owned 50.22 per cent of Pact, compared with 50.02 per cent at the start of the offer.Josh Robenstone Pact chief executive Sanjay Dayal is in the final stages of a $20 million cost-cutting drive. About 175 staff were made redundant in Australia and New Zealand in August and September. The job losses were in administrative and back-office positions.
The contract manufacturing division is made up of three main businesses, Jalco, Pascoe’s and Australian Pharmaceutical Manufacturing. It produces a range of products including containers for vitamins, body wash, laundry liquids, and car care products.Kroll outlined that the contract manufacturing division generated revenues of $357 million in 2022-23, up from $306 million the previous year.