The receiver of national printing group GEON is continuing negotiations over the future of its Perth business, following the sale today of its NSW and Victorian operations and the closure of its Queensland operations.
New Zealand based Blue Star Group has reached an agreement with McGrath Nicol, the receivers and managers of GEON Group, to acquire selected assets in Sydney and Melbourne.
Blue Star plans to close the GEON facilities in those cities, preferring to integrate the relevant operations into its existing business.
It said a “meaningful number” of GEON employees will be offered employment.
Receiver Shaun Fraser said this was “a good outcome for GEON’s east coast business and customers”.
GEON had about 1,000 staff across Australia and New Zealand at the time the receivers were appointed last month.
The Brisbane, Cairns and Townsville operations were shut down earlier this week, with about 70 employees made redundant and about 15 retained to work through the wind down process.
The NZ labels business was sold to Blue Star on Monday.
Mr Fraser said he was “continuing negotiations with various parties in relation to GEON’s remaining businesses in Perth, Tasmania and New Zealand”.
The Perth business has 56 employees, according to data supplied last year for WA Business News Book of Lists.
The business traded as Advance Press up to 2007, when it was sold by listed company CTI Logistics.
The purchase was part of a national aggregation strategy led by private equity group Gresham.
CTI Logistics is now focused on its fast growing logistics business and told WA Business News it has no intention of getting back into the print business.
