The Geon sell off has got underway with its Christchurch labels business (formerly Kiwi Labels) the first cab off the rank; the receivers have sold it to Blue Star New Zealand chairman Tom Sturgess.
This combined with the closure of Geon’s Queensland business means that the sale of Geon as a single entity will not happen.
Last year, Sturgess bought the Rapid Labels business from Blue Star - a company he went on to buy in January – through his Tiri Group. Sturgess gave an exclusive interview to New Zealand Printer (see page 42 of our February issue online newzealandprintermagazine.realviewdigital.com) but he has yet to make a statement to i-grafix about this latest deal. It is thought he will take a similar stance to his Blue Star buy; that is, he will honour all debts and look to retain all staff at the business.
Meanwhile, the receiver is working feverishly to sell the remaining business units, which include its supersites in Banksmeadow and Auckland, as well as its Mt Waverly, Parramatta, Perth Canberra and Hobart facilities.
Click here for more Geon stories on i-grafix
