New Zealand's richest man, Graeme Hart, is not commenting on reports he is considering selling part or all of the global packaging business he has built up.The Australian Financial Review reported yesterday that Mr Hart's wholly owned Rank Group may consi
New Zealand's richest man, Graeme Hart, is not commenting on reports he is considering selling part or all of the global packaging business he has built up.
The Australian Financial Review reported yesterday that Mr Hart's wholly owned Rank Group may consider a $A8 billion ($NZ10 billion) overseas sharemarket float or trade sale this year.
The Business Herald reported today that the sale would comprise a small portion of Mr Hart's packaging empire in the Northern Hemisphere.
Rank Group has built up a global packaging business since it took over New Zealand's Carter Hold Harvey.
Rank wholly owns Beverage Packaging Holdings Group, which is based in Europe. The company's 2008 annual report said it had 19 percent of the global aseptic beverage carton market behind Tetra Pak with 80 percent. The market share is higher in traditional markets as the company did not historically compete in every country. In 2007 its market share in Europe was 27 percent.
Rank Group also owns Reynolds Consumer, a leading supplier of aluminium foil, plastic wraps and bags in the US. It has a closures business that is the leading global supplier of plastic closures for beverage packages.
Mr Hart's strategy is typically to build businesses with number one or two market positions, control costs, focus on core strengths and maximise cash flows.
