Business
CCL Industries Forms Joint Venture Label Business in Russia
Stock Symbol: TSX - CCL.A and CCL.B TORONTO, Jan. 2 /CNW/ - CCL Industries Inc., a world leader i...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"\n\n\n\nStock Symbol: TSX - CCL.A and CCL.B\n\n\nTORONTO, Jan. 2 /CNW/ - CCL Industries Inc., a world leader in specialty\npackaging and labelling solutions for the consumer products and healthcare\nmarkets, announced today that it has created a newly named label company,\nCCL-Kontur, that will service the territories of Russia and other CIS\ncountries.\n\n\nThe new company is jointly owned by CCL Label and Ilgar Mamedov, a\nwell-known entrepreneur in the Russian label industry. Mr. Mamedov has\ncontributed the assets of two label businesses into the new company: Kontur\nPlus based in a new state-of-the-art facility in Moscow, and Asterix, based in\nSt. Petersburg. CCL-Kontur had sales of approximately $26 million in 2007. CCL\nis investing approximately $16 million to acquire a 50% interest in these\nassets and to provide funding for additional capacity related investments.\n\n\nCommenting on the announcement, Geoffrey Martin, President and Chief\nOperating Officer of CCL Industries said, "We have known Mr. Mamedov and his\nmanagement team for some time and have high regard for them and their\nknowledge of both the Russian label industry and the business climate of the\ncountry in general. We consider them excellent partners to introduce CCL Label\nproducts and technologies into one of the fastest growing markets in the\nworld."\n\n\nMr. Mamedov added, "CCL-Kontur is well placed to supply the existing\nglobal customers CCL Label does business with, many of whom are actively\ninvolved in the Russian consumer products market. We are also delighted to\nhave access to the know-how of the largest label company in the world."\n\n\nDonald Lang, Vice-Chairman and CEO of CCL Industries said, "Russia is\nanother important step in establishing a global footprint for our company. We\nare very fortunate to have found such a good partner who has a proven track\nrecord in other successful joint ventures and distribution businesses with\nboth North American and European companies and we are excited about our future\ngrowth prospects together."\n\n\nWith headquarters in Toronto, Canada, CCL Industries employs\napproximately 5,200 people and now operates 51 production facilities in North\nAmerica, Europe, Latin America and Asia. CCL manufactures pressure sensitive,\nshrink-sleeve and in mould labels, aluminium conta...