The plastics business of packaging giant Visy, including plastics recycling, is reportedly up for sale through investment bank Morgan Stanley, according to a report this morning.
The Australian’s Dataroom column reported on Thursday that the Pratt family’s privately-held company is “understood to” be selling its plastics division, and the price is estimated to be around $200 million. It is reportedly among the biggest PET manufacturers in the country, and made “more than 2.1 billion containers and 1.2 billion plastic preforms in 2017 and 2018.”
The company is run by Anthony Pratt, son of founder Richard Pratt. Last month the younger Pratt hosted US president Donald Trump and Australian prime minister Scott Morrison at a Pratt Industries recycled box factory in Ohio.
According to research firm IBISWorld, Visy is the tenth-largest manufacturing business in Australia, based on reports lodged with ASIC for the financial year 2017 – 2018.
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