CCL completes Pacman acquisition

18 September 2011 (Last Updated September 18th, 2011 18:30)

Canadian speciality packaging provider CCL Industries has completed the purchase of its 50% interest in UAE-based Pacman-CCL in a deal worth $18.5m.

Canadian speciality packaging provider CCL Industries has completed the purchase of its 50% interest in UAE-based Pacman-CCL in a deal worth $18.5m.

The acquisition was initially announced in March 2011. CCL's interest was acquired from Albwardy Investment, which had full ownership of the group of label companies before CCL's purchase.

The agreement binds CCL and Albwardy to complete an investment in a new facility currently under construction in Jeddah, Saudi Arabia, which is estimated to cost $4m in total.

Pacman is a label printing company and has additional operations in Cairo, Egypt, and Muscat, Oman.