Hellaby Holdings sells packaging division to Coveris for about $30 million

Thu, 28 May 2015

By Fiona Rotherham May 29 (BusinessDesk) - Hellaby Holdings, the NZX-listed diversified investment company, has sold its packaging division to Coveris, one of the world’s largest plastic packaging and coatings companies. Hellaby’s packaging division comprises Elldex Packaging and Elldex Packaging Australia and employs 125 people who are all expected to retain their jobs under the deal. The enterprise value of the sale is about $30 million, including the carrying value for transaction costs and will be used to reduce debt. Hellaby’s debt s...

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