Hellaby Holdings Acquires Third Packaging Business

News release, 26 July 2007

Hellaby Holdings Acquires Third Packaging Business

Hellaby Holdings Limited today announced that it has acquired the Christchurch-based business and assets of Chequer Packaging Limited (in Receivership), through its subsidiary Elldex Packaging Limited.

Hellaby Chief Executive Officer John Williamson said the assets of Chequer would complement the two packaging businesses Hellaby already owns, Elldex Packaging and PPL Packaging.

The assets of Chequer are used to manufacture low density polyethelene (LDPE) for flexible packaging, primarily in the industrial and primary produce sectors.

“The acquisitions of Chequer and PPL, which we purchased earlier this month, have effectively doubled the size of our packaging business,” he said. “This has transformed Elldex from a standalone business in Hellaby’s portfolio to a significant packaging group, with strong market positions across a number of sectors.”

Mr Williamson noted that the group’s capability was being broadened from predominantly import-oriented consumables packaging, to include a substantial manufacturing footprint servicing the industrial, timber and food processing markets.

“Chequer, PPL and Elldex are strong independent brands, each with a distinct customer base and market position. This independent structure will continue under the umbrella of the new packaging group, however with manufacturing operations now in Auckland, Wellington and Christchurch, we will be able to offer improved customer service and choice.”

The transaction is expected to be concluded on 31 July 2007. Commercial details of the transaction have not been revealed at this time.

ENDS

© Scoop Media