Colorpak completes Carter Holt purchase

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.

NZPA

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October 29th Morning Report