CCL Industries Inc.
said it signed a binding agreement to acquire privately held Nortec International Ltd., which isbased near Tel Aviv, Israel for approximately $9 million in cash and assumed debt. Nortec is a specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector and also exports its products around the world. 2017 sales were $9.6 million with an estimated, adjusted EBITDA of approximately $1.4 million. The business will change its trading name to CCL Design Israel on closing, which is expected during the second quarter of 2018.
“Israel is an important country for the electronics industry, and our CCL Design team has known Nortec for some time so we are pleased to welcome its founder Doron Lavi and his people to the company,” President & Chief Executive Officer, Geoffrey T. Martin said.