Mpact completes disposal of Versapak business
JSE-listed Mpact has, through its subsidiary Mpact Operations, completed the disposal of its Versapak business to Greenpath Recycling, a wholly owned subsidiary of Sinica Manufacturing.
In July, the company entered into a sale of business agreement with Greenpath to dispose of the business.
The transaction has now become unconditional with its terms and the parties having completed the sale of Versapak with effect from November 4.
The purchase price, after adjusting for the actual amount of stock on hand and employee liabilities, was R254.7-million.
Versapak produces styrene and polyethylene terephthalate trays and punnets, as well as vinyl cling film.
The business is operated from two plants in Paarl, in the Western Cape, and Roodekop, in Gauteng.
Sinica is a manufacturer and supplier of a range of plastic packaging products, including polystyrene meal boxes and trays, vinyl film and polyamide ethylene vinyl alcohol vacuum bags.
Sinica’s products are manufactured at a facility in Benoni, Gauteng.
Following a strategic review in 2021, a decision was taken by Mpact to sell Versapak pursuant to its ongoing portfolio optimisation plan.
The rationale for the decision was that the products of Versapak were not fully aligned with Mpact's strategy.
A process to sell the business as a going concern then started, with several interested parties invited to participate in the sale process.
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