Tag Pacific buys Australia's Charles Tims

Tag Pacific Ltd's subsidiary Comprador Pacific Pty has acquired the business of Charles Tims Ltd.

Charles Tims is 95-year-old manufacturer of whiteboards, noticeboards and other allied board products based in Victoria.

It also has a sales and distribution branch in New South Wales and sells its products nationally.

The rationale for the acquisition centres on the proposed integration of Comprador's existing Tecoa manufacturing activities in Brisbane into the larger and more established operations of Charles Tims.

Tag said it would also expand the Charles Tims physical presence through integration into Comprador's national distribution network.

Further benefits were expected to accrue through harmonisation with the Vision products division of Tag's Auckland based subsidiary, Potter Interior Systems Ltd.

Tag said the investment was expected to help its subsidiaries move to a market-leading position in these niche markets across Australia and New Zealand.

"It will also provide a sound platform for the growth of specialised related products, including the fabrication of acoustic wall panels."

Tag's consolidated group sales would rise by 7 per cent and the acquisition was expected to be earnings positive in the first full year of operation.

Tag Pacific shares last traded at 32c and traded between 13.5c and 35c last year.

- NZPA