Pacman-CCL will invest $3.75 million in the venture to acquire its stake, reduce debt and provide funding for future expansion. Closing is subject to customary procedures and is expected to conclude later this month. Super Label will continue to be headed by its founder, Bharat Mehta, and becomes part of Pacman-CCL, trading under the CCL corporate identity system with immediate effect.
Pacman-CCL now has plants in Dubai, Oman, Saudi Arabia, Pakistan and Egypt as well as India. The company is jointly owned by CCL and Albwardy Investment based in Dubai and headed by John Dawson, managing director. The company's 2016 sales figures were approximately $50 million.
Geoffrey T. Martin, president and CEO of CCL, comments, "Over the last decade we looked many times at entering India through acquiring a local business. Super Label is one of the best managed we have seen, I believe this is the best way forward given Pacman-CCL's proximity to the region. Our Indian Checkpoint subsidiaries remain separate to this venture, entirely under CCL control, focusing exclusively on Retail & Apparel markets."