07.09.15
CCL Industries Inc., the world's largest label company, has announced that it has signed a binding agreement to build a new manufacturing plant for in-mold-labels IML in Memphis, TN, USA, in partnership with Korsini-SAF, a leading European IML producer headquartered in Izmir, Turkey.
The partners will invest approximately $20 million between them, in a combination of debt and equity, each owning 50% of the new company. It is expected to be in operation by mid-2016 and will trade as CCL-Korsini.
Guenther Birkner, president of CCL Label's Food & Beverage business, comments, "IML for injection molded containers was successfully introduced in Europe some years ago and we now see a similar development in this rapidly growing decoration technology in North America. Korsini is an advanced technology partner already servicing injection moulded container customers in North America with products exported from Turkey. Our role in the venture is to support local manufacturing, provide market access to brand owner customers and manage administration."
Enrico Corsini, president & CEO and significant shareholder in Korsini, adds, "CCL is the world's largest label company with extensive presence in North America, which has become our fastest growing export market. Contributing our technical expertise to manufacturing while controlling injection molded container customer relationships will ensure we get the new venture rapidly established and take a very strong market position."
Geoffrey Martin, president & CEO of CCL, concludes, "This is an important addition to our fast growing Food & Beverage business. CCL will oversee the construction of a new 70,000 square foot facility immediately adjacent to our Specialty label operation in Memphis where the venture will be based."
Korsini SAF is a leading European IML producer headquartered in Izmir, Turkey, employing 210 people between its two operations in Izmir and one in Milan, Italy. Combined sales are $50 million with 90% exported to more than 50 countries worldwide.
The partners will invest approximately $20 million between them, in a combination of debt and equity, each owning 50% of the new company. It is expected to be in operation by mid-2016 and will trade as CCL-Korsini.
Guenther Birkner, president of CCL Label's Food & Beverage business, comments, "IML for injection molded containers was successfully introduced in Europe some years ago and we now see a similar development in this rapidly growing decoration technology in North America. Korsini is an advanced technology partner already servicing injection moulded container customers in North America with products exported from Turkey. Our role in the venture is to support local manufacturing, provide market access to brand owner customers and manage administration."
Enrico Corsini, president & CEO and significant shareholder in Korsini, adds, "CCL is the world's largest label company with extensive presence in North America, which has become our fastest growing export market. Contributing our technical expertise to manufacturing while controlling injection molded container customer relationships will ensure we get the new venture rapidly established and take a very strong market position."
Geoffrey Martin, president & CEO of CCL, concludes, "This is an important addition to our fast growing Food & Beverage business. CCL will oversee the construction of a new 70,000 square foot facility immediately adjacent to our Specialty label operation in Memphis where the venture will be based."
Korsini SAF is a leading European IML producer headquartered in Izmir, Turkey, employing 210 people between its two operations in Izmir and one in Milan, Italy. Combined sales are $50 million with 90% exported to more than 50 countries worldwide.