Wednesday 2nd March 2011
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Australian packaging company Colorpak completed the purchase of the folding carton operations of Carter Holt Harvey from Graeme Hart's Rank Group today.
Colorpak bought four carton manufacturing plants - at Reservoir and Mount Waverley in Victoria, Villawood in New South Wales and in Auckland - for $A5 million (NZ$6.4 million) in a deal agreed in December.
The purchase boosted Colorpak's market share to 31% from 11.2%.
The combined sales for the year ending June 2012, the first full year after the acquisition, are expected to be around A2$10 million.
Carter Holt's Smithfield operation in New South Wales is being sold to another industry participant.
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