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Takeover #1 – PMP makes a move on Times Printers.

Wednesday, 26 September 2007
By Print21
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Singapore-based printing and publishing giant,Times Publishing, trades its Melbourne web presses for an 11 percent foothold in the region’s largest printing company.

 

PMP valued the Times Printers Australia  business at $A$80 million, which it paid in shares that are currently trading at  $1.65 each along with $15 million cash.

The deal now gives the Singapore-based Times a high strategic stake in the region’s largest printer and strengthens its chances of expansion. Brian EvansCEO of PMP,  described the deal as being a move towards bringing PMP’s Victoria site up-to-speed with its fellow Sydney plant, while also asserting the company’s presence in Asia.

"For some time PMP has planned a major upgrade of print assets in Victoria to bring them into line with our Sydney print operations," he said. "Acquiring TPA delivers PMP this upgraded capability in Victoria and also created a strategic relationship for PMP with Times Publishing in Asia."

In a recent bout of industry consolidation, PMP’s latest acquisition marks the first rumblings of what is likely to be a shakeout in the websector and comes with confirmation that PBL-owned magazine publisher ACP is scoping the possibility of installing a heatset press at a greenfield site Sydney.

PBL’s CEO Ian Law was uncontactable.

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