Business
CCL Industries Acquires Full Ownership of European Joint Venture CCL-Pachem and the Assets of Merroc Ltd. in the U.K.
CCL Industries Acquires Full Ownership of European Joint Venture CCL-Pachem and the Assets of Merroc Ltd. in the U.K..
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"\n\n\n\n\nStock Symbol: TSX - CCL.A and CCL.NV.B\n\nTORONTO, Aug. 2 /CNW/ - CCL Industries Inc., a world leader in developing\nand producing specialty-packaging solutions for the consumer products\nindustry, announced today that it has completed the purchase of the remaining\n49% of its European joint venture, CCL-Pachem. CCL entered into a joint\nventure with Pachem AG, based in Austria, in 2003, by purchasing a 51%\ninterest. CCL-Pachem provides global consumer companies with innovative\npackage decorating solutions for their premium European brands. Their\noperations in Austria, France and the United Kingdom produce state-of-the-art\npressure sensitive, shrink sleeve and in mould labels.\nCCL also announced today that it will acquire the assets of Merroc Ltd.,\na privately owned label converter based in Cumbernauld, Scotland. Merroc\nprovides leading European paint manufacturers with pressure sensitive colour\nchip labels. CCL Pachem's U.K. site also provides the paint industry with\ndecorative labeling systems for plastic paint containers. Merroc had sales of\napproximately Cdn $10 million in 2004.\nDonald Lang, Vice Chairman and CEO of CCL Industries Inc. said, \"Over the\nlast two years, both parties have become very comfortable with the CCL-Pachem\npartnership and its achievements, including increased revenues of\napproximately 30% and excellent cash flow.\"\nGeoffrey Martin, President and COO of CCL Industries Inc. added,\n\"Guenther Birkner and Thomas Summer, the founders of Pachem, will continue as\nleading members of the CCL Label global management team and are looking\nforward to the many growth opportunities ahead. The change in ownership\nstructure will enable the business and the management team to participate more\nfully in the opportunities provided by our rapidly expanding European network\nof label companies as evidenced by the acquisition of Merroc.\"\n\nCCL Industries Inc. (TSX CCL.A and CCL.NV.B) provides state-of-the-art\npackaging solutions, including specialty aluminum containers, plastic tubes\nand closures and innovative product labelling, to some of the world's largest\nproducers of consumer brands, helping them to get their products to market\nquickly and cost-effectively. CCL develops and provides specialty-packaging\nsolutions for producers of leading consumer brands in personal care, cosmetic,\nph...