Pact Group (PGH) to sell off division, shares pop
Pact Group (PGH) +3.35%: shares climbed today after engaging the bankers to sell the contract manufacturing division after completing a strategic review of assets. The business up for sale provides a range of packaging solutions for manufacturers across a wide range of products contributed $25m EBITDA for FY19 which was down from $40m the prior year with higher input costs and some weaker demand hurting earnings. The sale was taken well by the market with the proceeds with the MD saying it will “strengthen our balance sheet and improve our financial flexibility.”
Pact Group (PGH) Chart
