PMP adds to NZ buy-up

Australasian printer and magazine distributor PMP has added another New Zealand printer to its stable.

PMP Digital, a division of the group, said yesterday it had bought a majority stake in Christchurch sheet printing company Saxon Print for an undisclosed sum.

Last month, PMP bought the printing assets of Rodney-based Times Media Group for $12 million.

PMP's New Zealand chief executive, Rodger Shepherd, said the Saxon Print purchase continued the firm's growth strategy. Last year, PMP bought real estate print-solutions business Maxum and sheet-fed printing company Printworld.

"With this latest Saxon Print acquisition, PMP is building a significant sheet-fed presence in the New Zealand market that offers capacity in the North and South islands," Shepherd said.

The purchase increases PMP's South Island staff to 200. No redundancies are planned.

- NZPA