Agfa buys out printing firm

By Libby Middlebrook

International technology group Agfa Gevaert has strengthened its position in the New Zealand market after taking over one of Australasia's largest printing firms.

Agfa Gevaert has purchased the remaining 38 per cent of shares in Printing Technologies, a privately-owned Australian company with three offices and 25 staff in New Zealand.

Managing director David Hope-Cross said the acquisition would complement Agfa's existing New Zealand operation, which employs 75 and manufactures graphic communications technology and photographic equipment. He said the company would be merged into Agfa Gevaert during the next 12 months and could not rule out staff redundancies in New Zealand.

Agfa Gevaert, which bought 62 per cent of Printing Technologies four years ago, acquired the remaining shares from German chemical company Hoechst for an undisclosed amount.