NZ Post sells Converga subsidiary to Canon for undisclosed amount
Converga employs 1300 staff.
UPDATED: No NZ job losses as a result of Converga/ Canon merger
EARLIER: NZ Post Group has sold its wholly owned subsidiary Converga to Canon Australia for an undisclosed sum.
Converga, which specialises in business process outsourcing with a focus on digital document solutions, employs 1300 staff and has offices in Australia, New Zealand, Asia and the US.
NZ Post, which reported a 34% increase in annual profit to $128 million, is in the second year of a five-year reset strategy in the face of declining mail volumes. Profit was helped by a $46 million gain on the sale of its Australian-based company Couriers Please for $A95 million.
Chief executive Brian Roche said Converga's strategic fit within the group was reassessed earlier this year and the company then indicated it was looking to sell as it focuses on parcels, mail and financial services businesses.
"For Converga's staff, customers and suppliers, it will be business as usual. We anticipate a smooth transition of ownership to Canon Australia," said Roche.
Canon Australia said Converga would remain a stand-alone business, with the same management team and structure.
"Converga is a fantastic company that we intend to invest in, and grow, long into the future," Canon Oceania managing director Yusuke Mizoguchi said.
The acquisition of Converga is Canon's fourth in four years, having previously acquired Harbour IT, Sun Studios and Océ Australia.
(BusinessDesk)
Fiona Rotherham
Mon, 09 Nov 2015
Mon, 09 Nov 2015
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NZ Post sells Converga subsidiary to Canon for undisclosed amount
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