signs contrct to acquire new business cospak in ns

PPK announcedAcquisition of Cospak Group of Companies
26-12 1834


On 24 December 2002, Plaspak entered into a conditional contract to
acquire the Cospak Group of companies. Cospak is a Sydney based group
involved in the importation, distribution and manufacture of glass
and plastic packaging products.

The Cospak Group has an annual turnover of approximately $100 million
and a projected EBIT of $7.4 million for the 2003 year. It is the
largest importer of glass packaging in Australasia with operations in
Western Australia, New South Wales, South Australia, Queensland,
Victoria and New Zealand.

It is projected that the acquisition will be immediately earnings per
share positive and will allow Plaspak further growth opportunities in
the general packaging market.

The contract is subject to numerous conditions precedent which
include:

* satisfactory due diligence; and

* shareholder approval of a placement of shares to provided partial
funding for the acquisition.

It is anticipated that the due diligence and compliance with other
conditions precedent will be completed by mid February 2003. At that
time, arrangements will be implemented for the holding of the
required shareholders meeting and additional relevant information
will be provided to shareholders and the market.

R Nicholls
ASSISTANT COMPANY SECRETARY
for and on behalf of Jury Wowk, COMPANY SECRETARY