Toronto-based CCL Industries Inc.’s Pacman-CCL joint venture, headquartered in Dubai, has signed an agreement to acquire a 70% stake in privately owned Super Label Mfg. Co., based in Mumbai, India. Super Label focuses on pressure sensitive labels for large consumer products and healthcare customers with operations in India. Pacman-CCL will invest C$3.75 million in the venture to acquire its stake, reduce debt and provide funding for future expansion. Pacman-CCL sales were approximately C$50 million in 2016. CCL is a specialty packaging company operating 156 production facilities in 35 countries.
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. The company will continue to be headed by its founder, Bharat Mehta, and becomes part of Pacman-CCL trading under the CCL corporate identity system with immediate effect.
Geoffrey T. Martin, president and CEO of CCL, commented, “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. Our Indian Checkpoint subsidiaries remain separate to this venture, entirely under CCL control, focusing exclusively on Retail & Apparel markets.”
