Anger levels in the print industry are at an all time high as printers face the possibility that Geon may be resurrected, without any of its debts, in what appears to be a classic Phoenix play.
Anger levels in the print industry are at an all time high as printers face the possibility that Geon may be resurrected, without any of its debts, in what appears to be a classic Phoenix play. Geon's paper supply is looking increasingly difficult, with two the big three merchants ceasing supply, and the third considering its position, with the merchants mindful not only of the cash they are owed, but also industry reaction to their decisions. Stephen Anstice, CEO of the country’s second biggest print business IPMG is considering a move to boycott suppliers who do business with a revived debt-free Geon. KKR is the company behind the purchase, receivership, and possible debt-free repurchase of the nation's biggest sheetfed printer and it has a long history in the heady world of financial engineering. Bill Healey, CEO of Printing Industries met with Geon’s receivers on Friday. He says, “Geon’s current position has serious ramifications for the entire industry, and is causing for grave concern amongst its former suppliers, which includes many of our members.” GAMAA (the print industry suppliers’ association), is supporting the call for calm expressed by Printing Industries (PIAA) CEO Bill Healey. The Packaging Council of New Zealand will host a one-day seminar on the March 21 in Auckland, looking to bring together the latest thinking and case studies around sustainable packaging. Samhwa Printing of Seoul, South Korea has installed a new 16-page Goss M-600 web press due to its advanced automation and press controls. One of the leading global manufacturers of flexible packaging and coated products Exopack Holding has announced that executive chairman Jack Knott will return to the company in a full time capacity as the executive chairman and chief executive officer. In addition, Mike Alger, a member of Exopack’s Board of Directors and chairman of the Audit Committee, has been named the Company’s chief financial officer. Management and staff at Geon New Zealand aren’t the only ones keeping quiet about the company’s receivership woes; suppliers and other printers have also remained coy about the issue. Global supplier of shrink management solutions Checkpoint Systems has announced a new enhanced performance (EP) anti-theft EAS (Electronic Article Surveillance) food label for supermarkets that is certified to be microwave safe. The latest issue of Australian Printer is now available online, as well as in print format. The volume of data sent over phone networks is set to overtake the volume of voice within the next few years, and could have significant implications for mobile printing applications. Fairfax Media has confirmed it will launch its redesigned newspaper titles Sydney Morning Herald and The Age in tabloid format next Monday. Paper merchant PaperlinX has reported a $57.3m statutory loss after tax for the half year ending December 2012, as local paper volumes tumbled by 13 per cent. Computershare revenues in Australia and New Zealand increased by 9.1 per cent to $228.1m in the first half of the 2012 financial year, whilst EBITDA increased by 3.9 per cent to $47.9m. Melbourne based printer Vega Press is being advertised as a going concern, with receivers KPMG claiming they are pleased with the interest shown so far in the 53 year-old business. The trend for the public to accessing data digitally rather than from Yellow or White Page is causing a transformation in directory business Sensis, with a big question mark over the future of the printed editions. As it sets up its mobile showroom for Hamilton tomorrow, and Rotorua on Friday, the Currie Group says it has received a positive response to its road show after opening in Auckland. Heidelberg says its online shop, which includes the Asia Pacific region, has more than 10,000 customers who use the service globally. |
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