Business
CCL Industries Announces Acquisition in Flexible Pouches
TORONTO, ON / ACCESSWIRE / June 16, 2023 / CCL Industries Inc.(TSX:CCL.A)(TSX:CCL.B) (the "Compa...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries Announces Acquisition in Flexible PouchesTORONTO, ON / ACCESSWIRE / June 16, 2023 / CCL Industries Inc.(TSX:CCL.A)(TSX:CCL.B) (the \"Company\" or \"CCL\"), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced it has signed a binding agreement today to acquire Pouch Partners s.r.l., Italy, (\"Pouch Partners\") from Pouch Partners AG, Switzerland, a company owned by Swiss headquartered Capri-Sun Group.Pouch Partners supplies highly-specialized, gravure printed & laminated, flexible film materials for pouch forming, including recyclable solutions, with 2022 sales of $104 million and adjusted EBITDA of $6.8 million. The debt free, all cash purchase consideration is $44 million, subject to customary adjustments at closing, scheduled for the 2023 third quarter. The new business will then trade as CCL Specialty Pouches and become an integral part of CCL Label's Food & Beverage unit in Europe.Guenther Birkner, President of CCL Label Food & Beverage, commented \"Pouches are a packaging format we've looked at for a long time as an adjacency to our label and sleeve decorating technologies with a similar modus operandi. Our common customers see them as an interesting alternative to rigid containers with labels. Pouch Partners has highly focused, deep know-how for these materials, a solid foundation to enter this market.\"Geoffrey T. Martin, President & CEO of CCL Industries Inc., concluded, \"There are also opportunities to sell this technology in the Home & Personal Care space and interesting potential to design new, sustainable, barrier films at Innovia. If our investment is successful in Europe, there could be interest to develop the product line globally, alongside our decorative label portfolio.\"Forward-looking StatementsThis press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as \"forward-looking statements\"), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words \"believes,\" \"expects,\" \"anticipates...