PaperlinX to Buy New Zealand's Canterbury Packaging for A$2 Million
Aug. 6, 2012 - Australia's PaperlinX announced today that it has entered into an agreement to acquire the business and assets of Canterbury Packaging Limited, based in Christchurch, New Zealand.
Canterbury Packaging, a small distributor of industrial packaging consumables, hygiene, safety and hospitality products to customers predominantly in the Christchurch area, has annual revenues of A$2.9 million.
According to PaperlinX, Canterbury Packaging will be combined with the existing Spicers business in New Zealand, and the purchase consideration of A$2m will be funded from local credit facilities available within Spicers.
Andy Preece, Executive General Manager ANZA Region commented: "The acquisition of Canterbury Packaging is a small but significant further step in our Diversified Products strategy.
"This acquisition will provide a building block for Spicers New Zealand to diversify and leverage our existing footprint and infrastructure to build a national business with the expertise from Canterbury Packaging."
PaperlinX expects to close the deal on October 1, 2012.