Home' Australian Printer Magazine : March 2013 Contents NEWS
Blue Star buys Geon NSW & VIC
IN a dramatic move, Geoff
Selig’s Blue Star Group bought
Geon’s NSW and Victorian
businesses for an undisclosed
sum, creating Australia’s biggest
Blue Star plans to roll up the
three sites into its existing print
centres. This means that the
Geon Banksmeadow supersite,
the Parramatta mailing centre
(which is 2kms from Blue Star’s
own mailing centre) and the
Geon’s Mt Waverly site w ill all be
closed, w ith most jobs lost.
Selig has hired former Geon
CEO Graham Morgan to oversee
the transition process. For now,
Blue Star will begin operations
immediately in the three sites
in order to serve the Geon
customers, with paper supplies
set to recommence immediately.
In a statement, the company
said, “Blue Star do not intend
to continue operating at Geon’s
current facilities moving
for ward, and will over the short
term undertake a managed
integration of the relevant
operations into the existing Blue
Star operations in NSW, Victoria
and the ACT.
“A meaningful number of
existing Geon employees will be
offered employ ment with Blue
Star as par t of this integration.”
Australian Printer understands
this will amount to around 100
or the remaining 450 employees
at these sites.
The Blue Star deal along with
the closure of the Queensland
businesses, and the sale of
Geon’s labels business leaves
the Auckland supersite at
Highbrook, the Perth business,
and the ACT and Tasmania
businesses up for sale.
Shaun Fraser, partner at
receiver McGrath Nicol, says,
“ This is a good outcome for
Geon’s east coast business and
customers, which has been
achieved in ver y challenging
“It is pleasing that Blue
Star w ill offer jobs to a number
of Geon staff in Sydney,
Melbourne, Parramatta and ACT
and we plan to work quickly over
the next few days to ensure an
understands that if no bids are
received, these plants will be
Blue Star itself was only
bought by the Selig brothers last
year, in print’s own Kerr y Packer
Alan Bond deal.
THE Geon sell off got underway
with the labels business the first
cab off the rank; the receivers
sold it to Blue Star New Zealand
chairman Tom Sturgess.
This combined with the
closure of Geon’s Queensland
business (see separate stor y)
meant that the sale of Geon as a
single entity could not happen.
Last year, Sturgess bought
the Auckland-based Rapid
Labels business from Blue
Star - a company he went on to
buy in Januar y – through his
Tiri Group. Sturgess now has
one of the largest label printing
businesses in the region, with
both digital and conventional
The receiver is continuing
to sell the remaining business
units, which include the
supersite in and Auckland, other
sites in New Zealand, as well as
its Perth Canberra and Hobart
4 March 2013 - Australian Printer
Geoff Selig, CEO Blue Star
Timeline: Geon countdown to catastrophe >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Gresham p/e buys Pacific Print Group’s
aggregated trans-Tasman printing
business, two years later merges it
with Promentum, renames it all Geon.
November 5 2012
After seven years of struggle Geon
director calls PPB Advisory with
‘concerns over the solvency’ of
Australia’s biggest sheetfed printer.
November 9 2012
US junk bond kings KKR enters the
picture by buying a $350m loan
package from UK bank RBS, which
includes $92m from Geon.
KKR takes controlling interest in Geon
with the purchase of Gresham’s stake
for less than $5m, Gresham originally
paid $300m for Geon businesses.
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