CCL Industries Inc., of Toronto, ON, Canada, a leader in specialty packaging and labeling solutions for the consumer products and healthcare industries, recently completed the sale of its 40 percent interest in its European joint venture, ColepCCL Portugal - Embalagens e Enchimentos S.A., to its majority partner, RAR - Sociedade de Controle (Holding), S.A., based in Portugal. CCL receives a total of $145 million for its interest in the joint venture.
In 2006, CCL's proportional share of ColepCCL's sales was $182.7 million and the joint venture contributed $18.0 million of earnings before interest and taxes and $25.5 million in EBITDA to CCL's financial results.
Donald G. Lang, vice chairman and CEO of CCL Industries, says, " The proceeds from this transaction provide us with more flexibility to accelerate building the great franchises in our portfolio, which now make CCL a pure global specialty packaging company."
CCL manufactures pressure sensitive, shrink sleeve and in-mold labels, aluminum containers and plastic tubes for leading global companies in the home and personal care, healthcare and specialty food and beverage sectors.
CCL completes sale of its interest in European venture
Published December 18, 2007
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