05.29.18
CCL Industries Inc., the world's largest PS label manufacturer, has announced that it has signed a binding agreement to acquire privately-held Nortec International Ltd. Nortec is based In Israel near near Tel Aviv. The sale is for approximately $9 million in cash and assumed debt.
Nortec is a specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector and also exports its products around the world. Nortec's 2017 sales were
$9.6 million with an estimated, adjusted EBITDA of approximately $1.4 million. The business will change its trading name to CCL Design Israel on closing, which is expected during the second quarter of 2018.
Commenting on the proposed transaction, CCL President & Chief Executive Officer Geoffrey T. Martin says, “Israel is an important country for the electronics industry, and our CCL Design team has known Nortec for some time so we are pleased to welcome its founder Doron Lavi and his people to the company.”
Nortec is a specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector and also exports its products around the world. Nortec's 2017 sales were
$9.6 million with an estimated, adjusted EBITDA of approximately $1.4 million. The business will change its trading name to CCL Design Israel on closing, which is expected during the second quarter of 2018.
Commenting on the proposed transaction, CCL President & Chief Executive Officer Geoffrey T. Martin says, “Israel is an important country for the electronics industry, and our CCL Design team has known Nortec for some time so we are pleased to welcome its founder Doron Lavi and his people to the company.”
