Canada-based specialty packaging solutions provider CCL Industries has signed a definitive agreement to purchase UK’s Innovia Group for C$1.13bn ($845m).

Innovia currently manufactures high-performance, bi-axially oriented polypropylene (BOPP) films for label, packaging and security applications.

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The company also has film extrusion, coating and metallising facilities across the UK, Belgium and Australia.

“We expect to find significant operational, customer and product innovation growth opportunities between Innovia and our end-use facing businesses at CCL Label, CCL Design, Checkpoint and Avery.”

Subject to regulatory and change of control approvals, as well as customary completion procedures, the deal is expected to close by the first quarter of the next year.

CCL Industries president and CEO Geoffrey Martin said: “This transaction is another transformative acquisition for CCL, propelling the Company to world leadership in the disruptive, fast-growing polymer banknote market while strengthening our depth in the materials science arena with proprietary BOPP films technology for the label, packaging and security sectors.

“We expect to find significant operational, customer and product innovation growth opportunities between Innovia and our end-use facing businesses at CCL Label, CCL Design, Checkpoint and Avery.”

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With 1,200 employees and sales offices worldwide, Innovia also has high-security, specialised polymer banknote operations in the UK, Australia and Mexico.

In May, CCL Industries announced its plans to acquire Germany’s Eukerdruck, which provides folded leaflets, speciality booklets and pressure sensitive labels for pharmaceutical companies across Europe.

Including assumed debt, the deal was valued at approximately $31m.