TORONTO—CCL Industries Inc., a Toronto-based label and packaging solutions firm, announced today that the Pacman-CCL joint venture has signed an agreement to acquire a 70 per cent stake in Super Label Mfg. Co., based in Mumbai, India.
Pacman-CCL, which is jointly owned by CCL and Dubai-based Albwardy Investments, now has plants in Dubai, Oman, Saudi Arabia, Pakistan and Egypt, in addition to new operations in India.
Super Label focuses on pressure sensitive labels for large consumer products and healthcare customers.
Pacman-CCL will invest $3.75 million in the venture to acquire its stake, reduce debt and provide funding for future expansion.
Closing is subject to customary procedures and is expected to conclude later this month.
“Over the last decade we looked many times at entering India through acquiring a local business. Super Label is one of the best managed we have seen. I believe this is the best way forward given Pacman-CCL’s proximity to the region,” said Geoffrey T. Martin, president and CEO of CCL.
In December of last year, CCL acquired a U.K. based company that makes polymer bank notes, giving them a leading position in the growing market for polymer money, which is used by Canada and a number of countries around the world.