PaperLinX to Acquire Canterbury Packaging
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PaperlinX, Australia, has agreed to acquire the business and assets of Canterbury Packaging Ltd., Christchurch, New Zealand. The acquisition is expected to be completed on October 1. Canterbury Packaging is a small distributor of industrial packaging consumables, hygiene, safety, and hospitality products to customers predominantly in the Christchurch area. It has annual revenues of A$ 2.9 million and is profitable.
Canterbury Packaging will be combined with PaperlinX's existing A$95 million Spicers business in New Zealand, and the purchase consideration of A$2 million will be funded from local credit facilities available within Spicers.
Andy Preece, executive GM, ANZA Region, said that "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. The additional packaging consumables will build on the existing strong market position of our profitable Spicers business in New Zealand."
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