There was much movement at the station this week with SEMA’s creditors giving the green light for a management buyout of the embattled essential mail provider. Industry consultant, John Stewart, who has been named as the company’s new managing director, led the buyout.
Meanwhile, Fairfax Media was no favourite of the Australian Manufacturing Workers Union (AMWU) after failing to consult with staff before announcing it will close down its two largest newspaper-printing facilities at Chullora and Tullamarine as part of its restructuring efforts.
The media giant will be sacking up to 1,900 people from its operations over the next three years as it changes the format of its two leading broadsheets, The Sydney Morning Herald, and The Age, and transforms the operational structure of its entire news network to become a digital first organisation.
Further afield, PaperlinX has decided to sell off three of its largest international paper businesses to help give the struggling company the liquidity it requires to complete its ongoing restructure. It has agreed to sell its US businesses, Spicers USA, and Kelly Paper for $76 million to New York-based Central National-Gottesman Inc.
Some good news, a multi-million dollar contract win in New Zealand for OPUS Group’s Omnigraphics NZ will allow an expansion for the company in the large-format sector in the NZ marketplace.
Southern Seaboard Commercial Printer for Sale
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This business is a complete service provider, and is well known in its market niche. Would suit a wide array of purchasers –an interstate printer wanting to have a southern seaboard base, A2 printer wanting to grow to A1, or perhaps A1 printer wanting an equipment upgrade and more turnover. It’s priced to sell and provide a quick ROI. Interest can be registered at www.ascentpartners.com.au
The above provides a summary of the market activity reported during June. You can find more details on these stories from our Market Watch web page, at www.ascentpartners.com.au. Here you can download this and previous editions, and also subscribe to our free monthly Market Watch bulletin.