Labeller buys stake in Mumbai-based firm
dubai CCL Industries Inc has announced that the Dubai-based Pacman-CCL joint venture has signed an agreement to acquire a 70% stake in Mumbai-based Super Label.
Super Label focuses on pressure-sensitive labels for large consumer products and healthcare customers with operations in India. Pacman-CCL will invest $3.75m to acquire its stake, reduce debt, and provide funding for future expansion.
Pacman-CCL head John Dawson told Packaging MEA that the company had been looking to enter India for a “long time”,
“We’ve wanted to get into India for a very long time now,” he said. “We are very happy to have finally arrived with such a respected partner as Super Label, who has been involved in the label industry for over 30 years. We look forward to a very exciting partnership together. We have received a lot of support from our global customers.”
Super Label 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.
Pacman-CCL now has plants in Dubai, Oman, Saudi Arabia Pakistan, and Egypt as well as India. The company is jointly owned by CCL and Albwardy Investment and booked sales in 2016 of about $50m.
Geoffrey T Martin, president and CEO of CCL, said that the acquisition would remain separate from CCL’s Indian Checkpoint subsidiaries focused on retail and apparel.
“Over the last decade we looked many times at entering India through acquiring a local business,” he said.
“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.”
CCL Industries has over 20,000 staff across 156 production facilities in 35 countries on six continents with corporate offices in Toronto, Canada, and Framingham, Massachusetts.
CCL Label is the world’s largest converter of pressuresensitive and extruded film materials for decorative, instructional and functional applications for large global customers in the consumer packaging, healthcare and chemicals, consumer durable, electronic device and automotive markets.
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CCL Industries produces pressure-sensitive and extruded film for a range of industries