CCL Industries Takes Control of Its North American IML JV

CCL Industries Inc. confirmed that it has acquired Korsini-SAF’s 50% equity interest in CCL-Korsini LLC for $3.9 million while fully consolidating estimated net debt of $6.1 million at close. CCL-Korsini LLC was established in 2015 as a joint venture between CCL Label and Turkey-based Korsini-SAF to serve the North American IML market from a focused, state-of-the-art plant located near Memphis, TN.
 
“Our IML operation is still moving through its start-up phase and not expected to contribute to profits before 2019,” Guenther Birkner, president of the company’s Food & Beverage, Healthcare & Specialty and Innovia Films businesses, said. “The business will now trade as a product line of CCL Label serving customers in the food and beverage and home and personal care markets. CCL Label and Korsini-SAF intend to separately focus on North America and Europe, respectively, while continuing our cooperation for common global customers as needed.”