CCL Industries Inc has announced that it has signed a binding agreement to acquire the assets of Advanced Packaging Films GmbH in Schkopau, near Leipzig, Germany, for approximately $9 million in cash and assumed debt.
The new business unit will trade as Advanced Performance Films and will be an integral part of the CCL Label global Food & Beverage business headed by Guenther Birkner, president.
"This new capability allows us to design proprietary, specialty films for new sleeve and pressure sensitive label applications while improving our supply chain performance for part of today's demand,” Birkner said. “It is an important strategic step as we seek to accelerate growth with global brand owners in the premium segment of this market. We remain the world's largest trade buyer of heat shrinkable films for label applications from our valued supply partners."
"Over time we expect to develop more capabilities across the company in the materials science field as we seek to innovate new ideas for customers,” added Geoffrey T. Martin, president and CEO of CCL Industries. “Bolt on acquisitions like this could become an important part of that strategy."