PaperlinX to acquire NZ packaging company

PaperlinX has announced it will acquire Canterbury Packaging NZ.

The New Zealand firm is a distributor of industrial packaging consumables, hygiene, safety, and hospitality products, and has an annual turnover of around $2.9 million.

PaperlinX states that it will combine this new acquisition's assets with those of its existing Spicers business in the country.

According to PaperlinX the acquisition will cost in the range of $2 million and funded from credit facilities.

Andy Preece, ANZA region executive general manager, stated 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 NZS to diversify….the additional packaging consumables will build on the existing strong market position of Spicers," Preece said.

The acquisition is expected to be completed by 1 October.

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