Business
CCL Industries to Acquire Adelbras Brazil
TORONTO, ON / ACCESSWIRE / April 4, 2022 / CCL Industries Inc.(TSX:CCL.A)(TSX:CCL.B), a worl...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"CCL Industries to Acquire Adelbras BrazilTORONTO, ON / ACCESSWIRE / April 4, 2022 / CCL Industries Inc.(TSX:CCL.A)(TSX:CCL.B), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today it has signed a binding agreement to acquire privately owned Adelbras Indústria e Comércio de Adesivos Ltda. and Amazon Tape Indústria e Comércio de Fitas Adesivas Ltda. (collectively \"Adelbras\") headquartered in Vinhedo near Sao Paolo with an additional operation in Manaus in the Amazon tax free zone.Adelbras is Brazil's second largest producer of adhesive tapes with the majority of sales derived from masking, bonding & packaging applications broadly sold through retailers & distributors to consumers & small businesses under the Adelbras brand name. A smaller proportion is sold for industrial use directly to larger customers, mainly in the durable goods space. Fiscal 2021 sales were $105.2 million with adjusted EBITDA estimated at $18.7 million. The debt free, all cash purchase consideration, subject to customary closing conditions, is approximately $155.4 million; closing is planned for the second quarter of 2022. The new business will largely be reported as part of Avery, with the smaller industrial portion added to CCL Design.Geoffrey T. Martin, President and Chief Executive Officer of CCL Industries Inc., commented, \"We are very excited to expand our highly successful operations in Brazil and welcome the Adelbras team to CCL. The new business will be headed by Luis Jocionis, Group Vice President CCL Industries South America.\"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,\" \"estimates,\" \"intends,\" \"plans\" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and...