MINNESOTA (From The Australian) -- This week Pratt Industries announced a major expansion to its American paper and packaging business with the acquisition of a large Minnesota-based company, according to a report from The Australian newspaper.

Pratt paid almost $100 million for Minnesota Corrugated Box Inc.

The deal for the 250,000 sq ft. plant south of Minneapolis comes just weeks after he officially opened his fourth, $250 million 100 percent recycled paper mill near Chicago.

It also brings Pratt Industries' investment spend in the USA to about $1 billion in just the past two years.

"This is the 67th factory we've built or bought since coming to America 25 years ago," Mr Pratt said.

"And it means we are now rapidly approaching $5 billion in sales, several years earlier than originally forecast."

Minnesota Box, in Albert Lea, has box and high-end display customers throughout the Midwest and some 150 employees.