Japanese-owned paper, pulp and packaging company Oji Fibre Solutions has expanded its Australian business with the acquisition of Victoria-based Cardboard Cartons.
Financial details of the deal, which required Foreign Investment Review Board approval, were not disclosed.
In a statement, Oji said it was “delighted to announce a further step in our growth of our paper-based packaging business through an agreement with Cardboard Cartons founder and MD Linden Barry" - who established the Dandenong South company in 1995.
"The purchase is a logical fit for Oji Fibre Solutions and confirms our commitment to provide our customers with a broader service and product solution," said Oji Fibre CEO Dr Jon Ryder. “It is a part of our packaging growth strategy and our first major acquisition in Australia following the recent investment in our new $70m state of the art greenfield packaging facility in Yatala, Queensland which is due for completion in late 2017."
Cardboard Cartons is a leading manufacturer and supplier of speciality packaging solutions, including plain and printed corrugated cartons, litho printed cartons, shelf-ready cartons and point of purchase displays to a variety of industries. About 30 staff members are all expected to stay on in the new entity.
Oji Fibre Solutions is a pulp, paper and packaging company owned by Tokyo-based Oji Holdings, the fifth-largest pulp and paper company in the world, and Innovation Network Corporation of Japan. The majority of Oji Fibre operations are based in New Zealand.
OjiFS now has cardboard packaging manufacturing plants in Auckland, Hamilton, Levin, Christchurch, Sydney and Melbourne, with a total of more than 1,850 employees.