The deal is reported to worth A$381 million, and includes eight production facilities with around 500 employees. The transaction will complete when FIRB (AU) & OIO (NZ) foreign investment regulatory approvals have been confirmed, likely in Q3 2021.
Nigel Vinecombe, CEO, Multi-Color Corporation, comments, "Bringing these companies together creates an impressive Australasian network and clear market leadership in the region. We are delighted to be welcoming Hexagon’s staff, clients and suppliers to the MCC family.”
Clark Perkins, chairman, Hexagon Holdings, says, “We are proud to have established Hexagon and built its operations over the past eight years to be the leading manufacturer of self-adhesive labels in Australasia. The MCC and Hexagon businesses are highly complementary, and we can see many opportunities for the combined business in the Australian and New Zealand markets. Today’s announcement is the culmination of the efforts of all of our employees throughout our ownership and we are deeply grateful for their efforts.”
Because the acquisition is by way of a share sale, all existing arrangements with Hexagon employees, clients and suppliers will continue seamlessly.
MCC’s enlarged Australasian group will be led by Daren Hudson, MCC president for Australia and New Zealand. Hexagon CEO Greg Howell will assist across an agreed transitional period.