About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
 
Support our sponsors:
sharemarket

Blue Star snaps up Geon labels unit out of receivership

Wednesday 6th March 2013 1 Comment

Text too small?

Blue Star Group, the revitalised printing operation under new ownership, has bought a New Zealand labels unit from the receivers of ailing rival Geon Group.

The sale was completed yesterday and will see the transfer of 38 Geon employees and their entitlements to Blue Star, receivers Andrew Grenfell and William Black of McGrathNicol said in a statement. No price was disclosed, and the receivers are looking for buyers for the remainder of Geon's New Zealand businesses by the end of the week.

"This is a very pleasing outcome and enables the labels business to transition out of receivership under new ownership, which will provide stability for customers and employees," the receivers said.

Geon was placed in receivership last month after private equity firms KKR and Allegro mopped up the Australasian printing group's debt, taking control of the company. Geon was formed by the 2007 merger of Pacific Print Group and Promentum.

Printing companies have been struggling in recent years as publishers look for new ways to cut costs in an environment where more readers are shifting on-line.

Blue Star went through its own turmoil in recent years and was eventually bought by Australian private equity firm Mercury Capital and former owner Tom Sturgess from Champ Private Equity, who swallowed a $173 million writedown in goodwill.

BusinessDesk.co.nz



Comments from our readers

On 6 March 2013 at 11:17 am Ivan said:
Another dog of a company where the shareholders have been dumped on.
Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

NZ dollar heads for 0.5% weekly decline on brighter US economy, slowing local growth
Marsden Maritime lifts annual profit 24% as Northport cargo rises, asset sales
Pyne Gould FY profit more than halves as asset sales end, mulls restarting dividend
NZ business confidence declines for 6th consecutive month in August
KiwiRail loss widens to $248M as talks on its future resume
Woolworths' NZ supermarkets lift annual earnings 4.2% in 'subdued' conditions
Promisia widens first-half loss as it chases US expansion
Kiwibank lifts FY profit 3%, eyes dividend in next three years
NZ building consents rise 0.1% in July, as Canterbury consents slow and Auckland picks up
Mercer posts annual loss on new staff hires, tough Australian conditions

 
Previous News
Bond
News Alerts
Breaking News 
After the Bell (daily) 
Gold News 

Unsubscribe/Update »

RSS feeds »
Twitter »
Facebook »

Most Commented On
  forex centre
cfd centre
options centre
NZX 15 Index
   





© Copyright 2014 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.