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Freightways has bought another Australian business as it beefs up its information management operations.
The NZX-listed company paid A$3.5 million ($3.85 million) for Brisbane company Document Destruction and Paper Recycling.
The acquisition will be merged into Shred-X, also in Queensland, which Freightways bought this month for up to A$8.7 million.
The Document Destruction purchase was expected to generate $800,000 of annual trading profit.
Last year, Freightways bought data storage firm DataBank, which has operations in New South Wales and Victoria. A Queensland branch was opened in January.
Managing director Dean Bracewell said the Australian information management market was worth about A$80 million but held a potential for more than A$200 million a year.
He said businesses were becoming more aware of the security risks associated with holding information, risk management, the requirement to comply with regulations to destroy information securely.
He did not rule out further acquisitions.
Freightways' share price closed down 3c yesterday at $4.07.
