ASX-listed Pro-Pac Packaging Limited has announced the sale of its Australian and New Zealand operations to Knoxcorp, a privately owned Australian investment company founded by Jim Knox.
KnoxCorp is headquartered in Brisbane and manages a portfolio of operating businesses and property developments. Jim Knox previously owned and operated packaging company Cospak, which served the Australian and New Zealand markets before being sold to San Miguel Yamamura Packaging in 2009.
McGrathNicol Restructuring, which was appointed administrator after Pro-Pac Packaging entered voluntary administration in October 2025, has entered into a Business Sale Agreement for the Australian business and assets. The sale excludes the Perfection Packaging business and will be completed through Consolidated Packaging Australia, a Knoxcorp subsidiary.
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The Perfection Packaging operation in Dandenong, Victoria, is being wound down and is scheduled to close in February. Completion of the sale of Pro-Pac Packaging's remaining Australian business is expected by March.
Separately, a Business Sale Agreement has been executed for Pro-Pac Packaging's New Zealand business and assets with Consolidated Packaging Limited, a New Zealand subsidiary of Knoxcorp. Completion of this transaction is expected by 30 January.
According to a statement released by Pro-Pac Packaging to the ASX, both the Australian and New Zealand transactions are being completed on a going-concern basis. Employment arrangements are expected to transfer for all current employees, with the exception of staff employed by the Perfection Packaging business.
McGrathNicol partner and administrator Rob Smith said the completion of the sales provided continuity for the operating businesses. He stated that the transactions represented an outcome for customers, suppliers, and employees of the continuing operations.
Knoxcorp indicated that it intends to continue operating the acquired businesses and maintaining local manufacturing activity. The company also noted plans to invest in machinery to support production capability.
Following Pro-Pac Packaging's entry into voluntary administration, the company's chief executive officer, Ian Shannon, was made redundant in November.
The transactions mark the conclusion of Pro-Pac Packaging's restructuring process for its Australian and New Zealand operations, subject to final settlement conditions being met in both jurisdictions.
© ProPakFor more information:
Carmen Ciappara
ProPack
Tel: +61 2 9660 2113
Email: [email protected]
www.propack.pro
