Freightways buys two businesses in Australia

Freightways Ltd is buying National Records Managers (NRM) in Canberra and Fine Paper Suppliers (FPS) in Melbourne for A$5.9 ($6.9) million in total.

NRM is a document and data storage business and it will be managed in the future by Freightways' Australian-based DataBank team. DataBank previously operated in Canberra through an agency arrangement with NRM.

FPS is a document destruction and paper recycling business which will be merged with Freightways' existing Shred-X business in Melbourne.

The purchases are expected to generate operating earnings of A$1 million in the 2009 financial year.

- NZPA