At the same time in Melbourne, CPI Group announced it is acquiring the Australian assets of BJ Ball's parent, The Red Paper Group.
The CEO of BJ Ball Papers, Mr Andrew Bull, said the merging of BJ Ball Papers' existing operations (including Kirby Paper) with these former CPI businesses would create a significantly strengthened new group fully committed to the New Zealand printing industry.
"This is an acquisition that will benefit all stakeholders," Mr Bull said.
"It will create a strong, customer focused and profitable business group with turnover in excess of $200 million that will grow to become an increasingly strong and robust presence in the New Zealand paper market.
"It will provide the printing industry in this country with a significantly strengthened product offering and generate further opportunities for our suppliers to access the market here.
"It will be 'business as usual' for customers and staff. It is the intention that all staff will be retained," Mr Bull said.
In addition, CPI Group and BJBall Papers have entered into a formal trans-Tasman alliance under which the two groups will establish management structures and processes to enable them to work closely together to supply the evolving needs of the Australasian market.