Dunedin packaging company Tecpak Industries is to be sold to a subsidiary of privately-owned Australian company Pact Group, but it will be business as usual for Tecpak staff.
Majority shareholder Wellington-based investment company Rangatira Ltd announced yesterday Tecpak would be sold to Tec Projects Ltd, a subsidiary of packaging manufacturer Pact Group NZ Ltd, which is in turn owned by the Geminder family of Victoria.
Tecpak chief executive Pat White said although the sale still had to be approved by the Commerce Commission and was subject to final due diligence, he saw it as a positive move as there would be no job losses or changes to the business, except greater opportunity for growth.
"It will be business as usual under new management," he said last night.
Tecpak employs 65 to 70 people and Mr White said the company would be swapping one supportive owner for another.
Rangatira, which is 51% owned by the JR McKenzie Trust, owns 79.4% and Dunedin registered MG Securities Ltd, the balance.
Pact Group's website describes the company as a rigid plastic and industrial metal packaging manufacturer, supplying markets throughout New Zealand and Australia, with more than 3000 employees.
