Page 44 - Platics News June 2022

BUSINESS NEWS

Precision Concepts Acquires Pet Container C&G Pack- Ima ex Posts 24.7%

aging Revenue Growth For
First Quarter Of Fy22

anada-based exible packaging
Ccompany Ima ex has reported
C$31.1m ($24.22m) in revenues for
the rst quarter (Q1) of the scal year
2022 (FY22). e 24.7% growth over
FY21 was driven by product pricing
and higher sales volumes in both
Canada and the US. For the three
months to 31 March, Ima ex’s gross
pro t grew by 3.9% to C$4.8m, but
its gross margin as a percentage of
sales declined to 15.4% from 18.4%
in the corresponding period of last
R igid packaging solution provider strategy of partnering with world-class, year. Driven by higher gross pro t
and other factors, the company’s net
Precision Concepts International founder-led
Following
businesses.”
has acquired Miami, Florida-based the acquisition, C&G will continue income for Q1 was C$2.1m, up by
C&G Packaging (C&G). Founded to be led by existing leadership team. 6.7% from C$2.0m in Q1 2021 Its
in 2015, C&G is an injection-blow Precision Concepts is investing to diluted earnings per share (EPS) for
moulding manufacturer of polyethylene expand the company’s manufacturing the quarter remained unchanged
terephthalate (PET) containers and jars operation in Miami. In addition, C&G’s from last year at C$0.04, while its
for the pharmaceutical, nutritional, existing and prospective customers will earnings before interest, tax, depre-
food and beverage markets. e have access to Precision Concepts’ ciation and amortisation (EBITDA)
company o ers a portfolio of stock manufacturing facilities across the were C$3.5m, representing 11.4%
containers ranging from 16oz to US, Canada, and Latin America. of its sales. Ima ex president and
128oz in various shapes and colours. C&G CEO Arnold Coburn said: “As CEO Joe Abbandonato said: “ e
C&G is located in Southeast Florida we continue to invest in capacity and positive momentum seen over the
and supplies products to customers expand production, we knew it was last two years continued into the rst
across the US and Canada. Financial important to nd a partner who shared quarter of 2022, with Ima ex report-
ing solid year-over-year increases in
terms of the transaction have not been our values and could support our next revenues and net income. “As we
disclosed. Precision Concepts CEO phase of growth. “Precision Concepts’ expected, overall sales volumes were
Ray Grupinski said: “We are thrilled commitment to customer service and up over Q4 2021 while also sur-
to be partnering with one of Florida’s quality perfectly aligns with C&G’s passing levels achieved in Q1 2021,
premier providers of PET containers. core values. We are incredibly excited with growth coming from both
is acquisition extends our footprint about the growth opportunities that lie our Canadian and US operations.
in the southeast and continues our ahead.”

44 PLASTICS NEWS June 2022