Opus mulls sale of Cactus Imaging and Omnigraphics

Opus announced today that it would undertake a strategic review of the outdoor division, which comprises Cactus Imaging in Australia and Omnigraphics in New Zealand.

Chief executive Cliff Brigstocke told ProPrint that "all options" were on the table, including selling the division.

"As the group has grown, the synergies that originally existed between outdoor and publishing have diminished," he said.

"With publishing now representing approximately 85% of revenue, we have considered where best to focus, which we believe will be publishing – including the Federal government business – and leveraging our growing non-print publishing services model as well as our Asia-Pacific footprint."

[Related: Brigstocke makes 2012 ProPrint Power 50]

Brigstocke said Opus had received "a number of enquiries over the last year" from potential buyers of the outdoor division.

"It has a leading market position and strong relationships with customers," he told ProPrint.

Cactus Imaging is one of the biggest suppliers to the outdoor sector in Australia. It was founded in 1992 by Opus general manager of strategic development Keith Ferrel and Warwick Spicer, father of current general manager Nigel Spicer, and became part of Opus in 2008.

The strategic review follows Opus' recent disposal of non-core assets in Maryborough and Singapore, with the proceeds used to pay down debt.

Opus said in today's announcement that it would consider selling more non-core assets as part of its debt reduction strategy.

"The timing of further capital management initiatives will depend on the outcome of this strategic review, which is unlikely to be completed prior to 30 June 2013," according to the company.

[Related: Ups and downs of Opus]

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