Paperlinx is moving forward with its corporate strategy and announces another transaction. The wholesaler wants to acquire the distributor of packaging products Canterbury Packaging.
Paperlinx has announced its intention to acquire the business and assets of packaging products distributor Canterbury Packaging. Paperlinx reported it had entered into an agreement with the New Zealand based company today. The transaction is expected to be completed on 1 October 2012.
Canterbury Packaging is a distributor of industrial packaging consumables, hygiene, safety and hospitality products. The company will be combined with Paperlinx’s existing Spicers business in New Zealand. The purchase consideration of AUD2m (€1.7m) would be funded from local credit facilities available within Spicers, Paperlinx said.
“The acquisition of Canterbury Packaging is a small but significant further step in our Diversified Products strategy,” said Andy Preece, Executive General Manager ANZA Region. The additional packaging consumables would build on the existing market position of the company’s Spicers business in New Zealand, he added.
About one year ago, the wholesaler said he intended to place more emphasis on products of its Packaging and Sign & Display divisions in future since there were greater opportunities for growth and income here than in the paper segment.
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