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Pact Group expects $20m tax benefit

Packaging manufacturer Pact Group is expecting a tax benefit of $18million – $20 million for 2014.

The Business Spectator reports that the company has formed a new tax consolidation group and, as a result, has increased the tax base of some assets such as plant and equipment.

As reported in The Australian, last week the company purchased the Australian and New Zealand operations of German packaging giant Sulo for about $35 million. The purchase was funded through Pact Group’s existing debt facilities.

“Sulo is an exciting acquisition for Pact Group. It’s synergistic, the market leader in its sector and highly complementary to our existing plastic, sustainability and infrastructure business,” Pact Group Chairman told the Australian.

“The Sulo team are experienced, incredibly disciplined and have built a tremendous customer-focused business over a long period of time and I am delighted to welcome them to the broader group.”

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