Promentum chief leaves as GEON takes over

Ian Parker takes a walk as CEO Gordon Towell’s team makes the Banksmeadow facility in Sydney’s south headquarters for the expanded trans-Tasman printing giant.

The three former Promentum enterprises – Penfold Buscombe, Scanlon Printing and Octane Digital – will now operate under the GEON brand. The consolidated turnover of the group, which is majority owned by Gresham Private Equity, will reach $400 million per annum, with a workforce of approximately 1,500.

Calling the acquisition an excellent fit with existing operations Towell said, “Promentum’s expertise and extensive customer base within the medium-to-large enterprise space complements GEON’s established stronghold among independent printing, media and publishing businesses, as well as within the SME market. ”

Consummation of the $127 million deal sparks a flurry of further investment activity for GEON including the announcement of the largest New Zealand sheetfed order with Heidelberg for its ‘super’ Auckland greenfield printing site. The multi-million deal includes three new Speedmaster presses: SM 102 ten-colour perfector; half-size CD 74 six-colour with coater and the pak performance XL 105 six-colour with coater. In addition a number of existing presses will be transferred from Brebner and BPG.

The development of the Auckland site is further evidence of the close strategic relationship between GEON and Heidelberg, which is being held up as a blueprint for the investment activity of such major printing groups. “Heidelberg has enjoyed long and successful individual relationships with most of the print production companies now operating within the GEON Group. I’m particularly pleased that GEON has decided to place their (sic) continued faith in Heidelberg as a business partner,” said Andy Vels Jensen, managing director Heidelberg Australia and New Zealand.

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