CTI Logistics sells Advance Press for $4.5m profit

West Perth company CTI Logistics Ltd has announced the sale of its printing subsidiary Advance Press Pty Ltd, and expects to make a profit of $4.5 million on the transaction.

Advance has been purchased by GEON Group, which was formerly known as Pacific Print Group and is majority owned by Gresham Private Equity.

Sydney-based GEON is a specialist offset printing group with 24 sites throughout Australia and New Zealand, revenue of about $400 million and 1,500 employees.

The Advance business was founded in 1938 and was acquired by CTI group 20 years ago.

The purchase, for an undisclosed sum, will be effective from 1 October 2007.

Wesfarmers owned the Advance business before CTI and will regain an indirect interest, since Wesfarmers is a major backer of Gresham.