Australians buy Canterbury Packaging
Australian paper merchant PaperlinX has bought a small Christchurch packaging company as it works to reverse poor financial performance.
PaperlinX said it had acquired Canterbury Packaging, a distributor of industrial packaging and hygiene, hospitality and safety products.
The purchase represented a small step in the growth of the company's Spicers New Zealand business, Andy Preece, PaperlinX's executive general manager in Australia and New Zealand, said.
"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," he said.
PaperlinX, which has posted losses in the past two financial years, has undergone significant changes in recent months as it works to turn around its performance.