NZ packaging innovator sold offshore

Sydney-based Ludowici was already a majority owner of the packaging company, having bought Enza's 50.1% share of the business in 1998. It has now bought the rest of the business from a variety of investors, issuing 250,000 of its shares at A$1.25 in payment.

Ludowici MD Glenn Turner says the packaging company has plenty of potential for growth in both the New Zealand and overseas markets, and the move to full ownership will give it access to capital.

Hawk Packaging was set up in 1993 as a joint venture between Enza and other shareholders to manufacture moulded pulp fibre apple and pear trays which have become an industry standard in Australia and New Zealand.

Since then the company has moved into making other moulded fibre products such as wine trays and egg cartons, and has also developed the technology to construct and operate proprietary pulp moulding machinery. Several patents have been filed covering its technology developments.

Ludowici has annual sales of around A$90 million and is split into five divisions. Its other major New Zealand investment is Ludowici Ceelon, the country's largest industrial plastics supply company with manufacturing centres in Auckland and Christchurch.

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