Quadient Continues Reshaping Business Portfolio With Divestment From Graphics Activities in Australia and New Zealand
Quadient continues reshaping business portfolio with divestment from Graphics activities in Australia and New Zealand
§ Divestment of Australia and New Zealand Graphics activities to Smartech Business Systems Australia Pty who will also become the distributor of Quadient’s Mail-Related Solutions in the region
Quadient, a leader in helping businesses create meaningful customer connections through digital and physical channels, today announces the divestment of its Graphics activities in Australia and New Zealand to Smartech Business Systems Australia Pty, a technology solutions provider and a long-term partner working with Quadient in the Asia-Pacific region.
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As part of the transaction, Smartech Business Systems Australia Pty will become the distributor of Quadient’s Mail-Related Solutions in Australia and New Zealand and will continue to serve Quadient’s more than 19,000 customers in the region.
Geoffrey Godet, Chief Executive Officer of Quadient, commented: “The divestment of our Graphics activities and the shift to an indirect distribution model for our Mail-Related Solutions in Australia and New Zealand mark another step forward in the execution of our strategic plan, refocusing our operations and reshaping our portfolio. As part of our ‘Back to Growth’ strategy, we remain fully committed to the development of our strategic solutions in our major geographies while continuing to ‘grow, improve or exit’ our Additional Operations.”
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Quadient’s operations in Australia and New Zealand employ around 140 people and are part of the Group’s Additional Operations.
The transaction was closed on 20 January 2021 and the total selling price amounts to AUD $6 million, including AUD $4 million paid at closing and AUD $2 million deferred payments.
As a result of the operation, Quadient will recognize non cash non-current charges of approximately €19 million in the income statement for full-year 2020.
