Pact Group Holdings Extends Contract with Woolworths Group for Crate Wash and Pooling Services
Pact Group Holdings Ltd (ASX: PGH) has announced an extension to its existing contract to own, operate, wash, and store a crate pool for Woolworths Group. The agreement, which was originally announced in May 2016, has been extended for a further 10 years.
Pact's crate manufacturing and pooling business fall under its Materials Handling & Pooling segment. The current annual revenue generated by Pact in connection with the Woolworths Contract exceeds $50 million per annum.
Under the original agreement, Woolworths had the option to purchase 50% of the shares in the Pact entity that provides services to Woolworths. However, Woolworths has agreed to remove this option.
Pact's Managing Director and Group Chief Executive Officer, Mr.
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Sanjay Dayal, expressed his delight at the extension, stating that it is "clearly a cornerstone and material contract" for his company's crate manufacturing and pooling business. He added that it reflects the strong relationship between the two companies and is evidence of Pact's market-leading capability in crate pooling.
Continuing their commitment to a circular economy, Pact and Woolworths have also entered into a new partnership to provide packaging that increases the recycled content used in Woolworth's own-brand packaging.
This extension of the contract is expected to further strengthen the relationship between the two companies, with both sides looking forward to working together over the next 10 years.
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