Australian packaging firm Pact Group is in talks to acquire FMCG contract manufacturing services supplier Jalco, in a deal that could amount to approximately $150m.

The move is in line with Pact’s strategy to expand by acquiring long standing and well-established packaging businesses.

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Pact had been in talks with Jalco, which was put up for sale last year, for several months. However, the companies have not signed an agreement to this effect, and there is no certanity that the deal would take place.

Established in 1973, Jalco offers contract manufacturing service through five business divisions, including a creative centre for research and development, home care, personal care, automotive, and promotional packaging.

Pact employs approximately 3,500 staff, and has operations across Australia, New Zealand and Asia.

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"We are excited about the Sulo acquisition, a business that will complement our growing sustainability, material handling, and infrastructure division."

Founded in 2002 by entrepreneur Raphael Geminder, Pact produces packaging from plastic and steel for the food, dairy, beverage, chemical, agricultural, industrial, and other sectors.

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Pact recently acquired VIP Steel Packaging, a subsidiary of National Can Industries, to expand its steel drums business.

The company also acquired plastic waste and recycling bins maker Sulo Group last year.

Pact Group CEO Brian Cridland previously said "We are excited about the Sulo acquisition, a business that will complement our growing sustainability, material handling, and infrastructure division.

"We are delighted to welcome the employees of Sulo to Pact Group and look forward to providing our customers with innovative, high quality, locally produced products in both Australia and New Zealand."