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CCL Industries Acquires 100% of Chilean Venture

Acquires the remaining 37.5% minority interest in its Acrus CCL venture.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

CCL Industries Inc. announced it has acquired the remaining 37.5% minority interest in its Acrus CCL venture for approximately $6.3 million in cash. Assumed debt transferring on close from the venture to the company’s fully consolidated balance sheet is estimated at $7.4 million. Its reported sales and EBITDA for 2016 were $18.1 million and $2.9 million respectively. The Chilean business will change its trading name to CCL Label with immediate effect.
 
“Together with our partners, we enjoyed a successful start-up of our greenfield wine label operation in Santiago,” Geoffrey T. Martin, president and CEO, said. “We are particularly pleased that the current management team will continue to run the business reporting to Luis Jocionis, VP and managing director, CCL Industries South America, and Carlos Marinetti, our principal partner in the start-up, will remain a director on the local Board of our Chilean entity. Finally, with the closure of this transaction, we are now planning significant investments to expand our presence across the Andean region and into other end markets.”
 



Photo courtesy CCL Industries

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