TORONTO—Following the announcement of a major, half-billion dollar acquisition last week, CCL Industries Inc. is opening is chequebook yet again.
The company has announced it will buy Powerpress Rotulos & Etiquetas Adesivas LTDA, a Brazil-based specialty label and packaging company. The transaction is valued at $10.25 million, and will build on the Toronto-based company’s footprint in South America.
“We have been in Brazil for 10 years where our CCL Label operation remains one of the best performing business units in the company,” Geoffrey Martin, the company’s president and CEO, said. “Despite the changed economic climate in the country we believe now is a good time to make strategic investments to broaden our market presence.”
Powerpress serves customers in Brazil’s agricultural chemical and pharmaceutical industries and posted sales of approximately $6.5 million last year. CCL plans to integrate the company into its Brazil operation immediately following the deal’s completion.