Cormack Packaging Pty Limited entered into binding agreement to acquire PB Packaging from Pro-Pac Packaging Limited (ASX:PPG) for AUD 56 million on April 10, 2022. PB's current leadership team will join TricorBraun and all 140 PB team members will be offered positions with the company. PB will operate as PB Packaging, a TricorBraun company. The company will continue to operate as a stand-alone business. A transitional services agreement has been entered into to support the transition of the Rigid business and its operations from Pro-Pac to TricorBraun for a period of up to 12 months following completion. The transaction is expected to close in the second quarter of 2022, subject to the Australian Foreign Investment Review Board approval and satisfaction of other customary completion conditions.