- Packaging company Mpac said it had acquired US-based packaging machinery company Switchback for up to $15m.

The initial acquisition price was $13m, payable in cash, with a further earn-out consideration of up to $2m.

Cleveland, Ohio-based Switchback was founded in 2006 and provided packaging machinery and automation solutions to the food, beverage and healthcare markets.

Mpac said Switchback, which employed 45 staff, had a particular strength in the high-growth craft brewing industry.

The initial acquisition sum had been financed from Mpac's existing cash resources.

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