CCL Industries Acquires Majority Interest in Chilean Venture
CCL Industries, a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers, has announced that it has acquired an additional 12.5% interest in its Chilean wine label venture Acrus-CCL for $1.2m and now owns 62.5% of the equity.
CCL’s partners, the Marinetti family, have a significant role in the venture so the business will continue to be treated on an equity accounting basis. In the first quarter of 2014, CCL and its partners plan to inject a further $5m into the venture providing capital to add capacity and broaden market scope in Chile while expanding into new territories in the Andean region.
President and CEO of CCL Geoffrey T. Martin said: "I’d like to take this opportunity to thank Mitch Kendall and David Goodman. While they have now exited their shareholder position in Chile, they played an important role in one of our more successful start-up ventures in emerging markets."
CCL Industries employs approximately 10,000 people and operates 89 production facilities in 25 countries on five continents with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL Label is the world’s largest converter of pressure sensitive and film materials for a wide range of decorative, instructional and functional applications for large global customers in the consumer packaging, healthcare, automotive and consumer durables markets. CCL Container is a leading producer of impact extruded aluminum aerosol cans and bottles for consumer packaged goods customers in the United States, Canada and Mexico.