CCL signs agriment to Acquire polish bopp film operation
| Subj: Press-releses
CCL Industries Inc. (“CCL” or “the Company”), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, confirmed today it has signed a binding agreement to acquire Polish BOPP film producer Flexpol Sp. Z.o.o. for an estimated $22.0 million on a debt/cash free basis. Sales in 2019 were approximately $70.0 million, entirely focused on flexible packaging customers, with an adjusted $3.7 million EBITDA. Closing is expected during the first quarter of 2020 following regulatory approvals; the new business will then trade as “Innovia Poland.”
Geoffrey T. Martin, President and Chief Executive Officer of CCL, said, “This operation brings us new capability to deliver label films in Europe using the same technology we have in place at Innovia Mexico for the Americas complementing existing product offerings from Innovia’s UK operations. The plant is in very good condition with state-of-the-art equipment in a low cost location. We expect to significantly improve profitability by 2021 as product mix changes. The
Source: CCL Industries Inc.