Eastland acquires 50% stake in Ampack

West Perth-based company Eastland Medical Systems Ltd has acquired 50 per cent of Erskine-based sterile barrier and packaging products manufacturer Ampack Medical Pty Ltd.

Eastland will purchase 50 per cent of Ampack's share capital, pay out a shareholders' loan account and assume a share of the company's assets and liabilities for $400,000 - to be paid through the issue of 2 million Eastland shares at 20 cents each.

A statement issued by Eastland, a developer and manufacturer of injection, infusion and blood-drawing devices, indicates the company's belief that the domestic market for Ampack's current range of products is around $26m.

Eastland spokesman David Whitelaw said Ampack would complement his company's range, and that the acquisition would enable Eastland to distribute Ampack products to its international distribution network.

This is Eastland's second acquisition in three months for Eastland, which announced its plans to purchase medical products distributor Westcoast Surgical and Medical Supplies in early June. The company anticipates that the deal will be concluded by the end of August.

Mr Whitelaw said Eastland was not currently seeking out further acquisitions, but that the company would look at a relevant opportunity, should it present itself.