Dual role in Vertex-Masthead merger

The boss of Masthead Equities-controlled Alto Plastics, Mark Wheeler, has been appointed managing director of rival Vertex as a result of Masthead's successful takeover and will oversee the merger of the two companies.

Wheeler will remain managing director at Alto, a company in which he owns a 36.5 per cent stake. Masthead has 51.4 per cent of Alto, with the balance being held by senior executives.

Masthead's Mark Stewart said Wheeler had all the right credentials to take on the key role.

"He has more than 10 years' experience in the plastics industry, five of which has been driving the performance of Alto ... to being a leading industrial and consumer products company."

Stewart said he would assist Wheeler in reviewing Vertex's operations.

"As managing director of both companies he is well placed to assess the potential for merging both companies, which will create one of the largest plastics companies in NZ.

"This in itself will create some exciting opportunities."

- NZPA