Wednesday, 02 February 2011 09:28

Paperlinx reduces global corporate overheads by A$ 15m

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PaperlinX today announced a further streamlining of its management and head office structure with the closure of its European head office in Amsterdam. Together with recent staff reductions at the Corporate Head Office in Melbourne, the closure of the Amsterdam office will result in ongoing cost savings of approximately A$15 million per annum and will be cost neutral in the current financial year.

The new arrangements will involve the 2 European regions reporting directly to the CEO and CFO, who will be based at the Operational Head Office in the UK. There are no plans to change PaperlinX's domicile out of Australia.

PaperlinX CEO, Toby Marchant said, "This move is consistent with our stated objective of creating a simpler and more cost efficient head office environment with fewer centres and fewer layers. The relocation of the CEO and CFO from Australia to the UK brings our senior management closer to the geographic centre of our operations, given that nearly 70% of our business is in Europe and 90% is in the Northern hemisphere."

Additional Info

PaperlinX is one of the world's leading global merchants of paper and communication materials. We source, stock, market and distribute branded fine paper ranges, specialty paper, sign and display and graphics solutions and industrial packaging materials worldwide.

For further information, please contact:
James Orr
Executive General Manager
Corporate Affairs
PaperlinX Limited
Ph: +61 (3) 8540 2264

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