CCL has announced it has acquired an additional 12.5% interest in its Chilean wine label venture Acrus-CCL for $1.2 million and now owns 62.5% of the equity. CCL's partners, the Marinetti family, have a significant role in the venture so the business will continue to be treated on an equity accounting basis. In the first quarter of 2014, CCL and its partners plan to inject an additional $5 million into the venture providing capital to add capacity and broaden market scope in Chile while expanding into new territories in the Andean region.
"I'd like to take this opportunity to thank Mitch Kendall and David Goodman. While they have now exited their shareholder position in Chile, they played an important role in one of our more successful start-up ventures in emerging markets," says Geoffrey Martin, president and CEO of CCL Industries.
CCL Label is the world's largest converter of pressure sensitive and film materials. The company employs approximately 10,000 people and operates 89 production facilities in 25 countries.