The New Zealand operation of trans-Tasman printing company Geon Group has gone into receivership.
The company employs more than 200 people in New Zealand.
Receivers from McGrath Nicol were appointed after the firm went into voluntary administration.
The receivers say they have already started a sale process for Geon's businesses and assets and have received an expression of interest.
The Engineering, Printing and Manufacturing Union says the receivership has come as a surprise to workers.
The union says the Geon Group was bought by two private equity firms, Kohlberg Kravis Roberts and Allegro, less than six months ago.