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Stock Symbols: TSX - CCL.A and CCL.B
TORONTO, ON / ACCESSWIRE / June 10, 2024 / CCL Industries Inc. ("the Company"), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today it has completed the acquisition of the remaining 50% equity interest in its Middle East joint venture, Pacman-CCL ("PCCL"), from its partner, Albwardy Investment LLC, headquartered in Dubai.
PCCL, headquartered at its Dubai manufacturing facility in the United Arab Emirates, also operates label production facilities in Oman, Egypt, Saudi Arabia and Pakistan. Sales for the first four months of 2024 were approximately $34 million with $14 million of adjusted EBITDA. The debt-free, all cash purchase consideration is approximately $143 million, net of cash acquired, subject to customary closing conditions. The business will immediately commence trading as CCL Label with results fully consolidated.
Geoffrey T. Martin, President and Chief Executive Officer of CCL Industries Inc., stated, "We are very excited to have full ownership of our operations in this fast growing and vibrant region of the world. I'd like to take this opportunity to thank our partner, Mr. Ali Saeed Albwardy, who helped us establish and grow in the Middle East, and to welcome the management team and employees of PCCL as they become full members of the CCL family."
Forward-looking Statements
This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as "forward-looking statements"), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements.
Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and the Company's ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company's actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in the 2023 Annual Report, Management's Discussion and Analysis, particularly under Section 4: "Risks and Uncertainties." CCL Industries Inc.'s annual and quarterly reports can be found online at www.cclind.com and www.sedarplus.ca or are available upon request.