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PRESS RELEASE: Cedar Creek Company and Sastek Merger
Cedar Creek Company and SASTEK to Merge
Dated: Thursday 3rd July 2008
The Directors of Cedar Creek Company and SASTEK announced today that they have signed an agreement that will effect the merger of the two companies.
Tony Abbott, Director and CEO of Cedar Creek Company said that the merger would make the combined company the pre-eminent technology company servicing the Meat Processing, the Fresh Produce and Processed Foods sectors in Australia and New Zealand with revenues in excess of $20M.
Together, the two companies provide software and hardware systems, labelling solutions and services to these sectors and have complimentary product sets. In addition, both companies address sectors and overseas markets that the other does not cover.
The Directors recognise the contributions that SASTEK has made to the industry over the last 28 years and the power of the SASTEK brands. Cedar Creek Company, with a 10 year track record has also built strong brand recognition. The merged company will operate under the Cedar Creek Company entity but will continue to build on all of its brands into the future.
The merger will provide economies of scale and major synergies enabling the company to grow its business and product offerings in the local and export marketplace. With both the Cedar Creek and SASTEK brands the company will aim to remain the first choice for customers in its traditional markets and will continue to grow its business in new market sectors and new export markets.
Keith Roskam, Managing Director of SASTEK, said that the merger would provide a very positive experience for the combined customer base of the two companies with a broader product offering and greater levels of service and support across the country.
The Ownership of the company will be held by key principals in the company and executive management of the combined company will be Keith Roskam as CEO, Tony Abbott as CTO and Lynne Lambert as CFO, Sean Clitheroe will continue as General Manager.
Tony Abbott Ph. 0412 056 916 tony.abbott@cedarcc.com
Keith Roskam Ph. 0419 861 604 keith.roskam@sastek.com