Ault Alliance, Inc. (NYSE:AULT), a diversified holding company (“Ault Alliance,” or the “Company“) announced today that its wholly owned subsidiary, Eco Pack Technologies, Inc., has entered into an agreement (the “Agreement“) to acquire an 80% ownership stake in Eco Pack Technologies LTD (“Eco Pack“).
Eco Pack is at the forefront of packaging transformation, offering eco-centric alternatives. Catering to fast-moving consumer goods manufacturers, Eco Pack employs Siemens Digital technology to address modern-day packaging challenges. Using the latest digital technology enabling data driven analysis and decision making, Eco Pack develops packaging that marries sustainability with reduced environmental repercussions. Its innovative approach is intended to enhance packaging design, material choice, and supply chain efficiency, allowing firms to adopt eco-friendly options without compromising on quality or performance. Notably, Eco Pack’s solutions are poised to replace conventional cardboard boxes and shrink-wraps prevalent in major retail chains. Engineered with a modular framework, Eco Pack’s machinery is anticipated to be versatile enough to suit varied manufacturing settings. The Company believes that Eco Pack’s technology will pave the way for businesses to adopt eco-friendly measures, which many customers may find attractive.
Milton “Todd” Ault, III, Executive Chairman of Ault Alliance, remarked, “Incorporating Eco Pack into our portfolio is a strategic move given our belief that Eco Pack’s cutting-edge solutions address the pressing need for greener consumer goods production. Our principal goal is to rapidly promote its growth across the U.S., the UK, Europe and Asia.”
The closing of the Agreement remains subject to the parties thereto meeting customary closing conditions and obtaining regulatory approval.
