Hong Kong investor Jerome Chan has bought Sydney folding carton printer Anzpac Services and renamed the company New Anzpac, with about 40 staff members being made redundant.
Most of the dismissed workers were notified of the decision last month and finished up work on Monday, the day before the previous owners - Malaysian-based Tien Wah Press Holdings (TWPH) - completed the official change of ownership on Tuesday.
“Most of the redundancies came about because of cost-cutting measures decided upon by the previous owners, who have now paid out those redundancies,” says Steve Arduin, head of operations at Anzpac. “This leaves us with a staff of about 30 or 32, down from our previous 70.”
New owner Chan, who’s in Sydney to oversee the launch of the new entity at Anzpac’s Smithfield plant, 30 kilometres west of Sydney’s CBD, is a Hong Kong-based investor with little previous connection to the printing industry.
“He’s an investor who believes he can make a profit from running and growing the business,” says Arduin. “His intention is to continue operations here at the same site, pretty much as it was before, with the same focus on fulfilling customer requirements. The change of ownership will have no impact on our supply arrangements.”
The deal puts an end to initial fears that former owner TWPH was planning to close down the business. In an announcement to the Bursa Malaysia stock exchange in June – before Chan stepped in - TWPH said it was planning to cease all printing operations at Smithfield and sell off the assets.
Anzpac supplies folding cartons to many of Australia’s leading brands in markets including tobacco, fast food, breakfast cereals, and confectionery.