Paper and packaging company PaperlinX has announced it will acquire Canterbury Packaging NZ.
The New Zealahnd comopany has an annual turnover of about $2.9 million as a distributor of industrial packaging consumables, hygiene, safety, and hospitality products.
PaperlinX said the acquisition of Canterbury Packaging will widen its reach in the marketplace.
The acquisition will cost the company about $2 million, and Andy Preece, ANZA region executive general manager, said the move will be a positive development for the company.
“The acquisition of Canterbury Packaging is a small but significant further step in our diversified products strategy,” he said.
"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.
The acquisition is expected to be completed by 1 October.