Friday 4th February 2011
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The Commerce Commission has granted clearance for Sonoco New Zealand to acquire the business assets of TTL Pacific.
Both companies manufacture cylindrical cardboard cores and tubes, and the commission took the view that there was a standard and high specification core market for the products.
"The commission considers that the merged entity would be constrained in the standard specification core market by the presence of a number of other suppliers.
"In respect of high specification cores, the two merging parties have not competed with one another in the past, and the commission considers that the loss of a potential supplier in these separate regional markets is unlikely to substantially lessen competition," the commission said.
Chairman Mark Berry said the commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in any of the relevant markets.
Sonoco has three manufacturing plants which are located in Auckland, Kawerau and Christchurch. It is part of the Sonoco group of companies, which has a head office in South Carolina. TTL Pacific is owned by the family of Robin Prince. The businesses Sonoco is buying are near its Auckland plant.
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