CCL Industries Agrees to Acquire Sancoa & TubeDec
21 Janvier 2014 - 2:30PM
Marketwired
CCL Industries Agrees to Acquire Sancoa & TubeDec
TORONTO, ONTARIO--(Marketwired - Jan 21, 2014) - CCL Industries
Inc. ("CCL") (TSX:CCL.A)(TSX:CCL.B), a world leader in specialty
label and packaging solutions for global corporations, small
businesses and consumers announced today that it has signed a
binding agreement to acquire "Sancoa" & "TubeDec"; privately
owned companies with common shareholders supplying labels and
plastic tubes to Home & Personal Care customers in North
America from three plants located in New Jersey and one in Ohio.
The agreed purchase price is US$71 million including the settlement
of financial debt. Closing is scheduled during the first quarter of
2014 subject to customary completion conditions.
The new acquisition will trade as part of CCL Label's global
Home & Personal Care business unit headed by Ben Rubino,
President. Sancoa & TubeDec's combined sales in 2013 were
US$82.5 million with an adjusted EBITDA of approximately US$10.1
million.
Geoffrey T. Martin, President & CEO of CCL Industries
commented, "Joe Sanski, the principal shareholder of Sancoa &
TubeDec, built one of the most respected companies in the world
label industry. Over three decades he pioneered numerous,
innovative label and tube decorating technologies that are globally
recognized by customers, suppliers and peers. We are very pleased
Joe chose us as a legacy home for the business that he founded and
welcome both him and his management team on their joining CCL;
making the integration process seamless for our combined
organization and customers."
Mr. Martin concluded, "We expect to unlock many financial and
operational synergies which we will announce in more detail at the
closing of the transaction later this quarter."
CCL Industries employs approximately 10,000 people and operates
89 production facilities in 25 countries on 5 continents with
corporate offices in Toronto, Canada, and Framingham,
Massachusetts. CCL Label is the world's largest converter of
pressure sensitive and film materials for a wide range of
decorative, instructional and functional applications for large
global customers in the consumer packaging, healthcare, automotive
and consumer durables markets. Extruded plastic tubes, folded
instructional leaflets, precision printed & die cut metal
components with LED displays and other complementary products and
services are sold in parallel to specific end use markets. Avery is
the world's largest supplier of labels, specialty converted media
and software solutions to enable short run digital printing in
businesses and homes alongside complementary office products sold
through distributors and mass market retailers. CCL Container is a
leading producer of impact extruded aluminum aerosol cans and
bottles for consumer packaged goods customers in the United States,
Canada and Mexico.
This press release contains forward-looking information and
forward-looking statements, as defined under applicable securities
laws, (hereinafter collectively referred to as "forward-looking
statements") 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.
Specifically, this press release contains forward-looking
statements regarding the anticipated completion and success of the
acquisition; the completion of the Sancoa and TubeDec acquisition
in the first quarter of 2014; the expectation of unlocking
financial and operational synergies subsequent to the Sancoa and
TubeDec acquisition; and the Company's expectations regarding
general business and economic conditions. 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, the evolving global
financial crisis and its impact on the world economy and capital
markets; the impact of competition; consumer confidence and
spending preferences; 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 CCL'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, including, but not
limited to, assumptions about the following: global economic
recovery and higher consumer spending; improved customer demand for
the Company's products; continued historical growth trends, market
growth in specific segments and entering into new segments; the
Company's ability to provide a wide range of products to
multinational customers on a global basis; the benefits of the
Company's focused strategies and operational approach; the
achievement of the Company's plans for improved efficiency and
lower costs, including stable aluminum costs; the availability of
cash and credit; fluctuations of currency exchange rates; the
Company's continued relations with its customers; and general
business and economic conditions. 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 MD&A section of CCL's 2012 Annual Report,
particularly under Section 4: "Risks and Uncertainties." CCL's
annual and quarterly reports can be found online at www.cclind.com
and www.sedar.com or are available upon request. Except as
otherwise indicated, forward-looking statements do not take into
account the effect that transactions or non-recurring or other
special items announced or occurring after the statements are made
may have on CCL's business. Such statements do not, unless
otherwise specified by the Company, reflect the impact of
dispositions, sales of assets, monetizations, mergers,
acquisitions, other business combinations or transactions, asset
write-downs or other charges announced or occurring after
forward-looking statements are made. The financial impact of these
transactions and non-recurring and other special items can be
complex and depends on the facts particular to each of them and
therefore cannot be described in a meaningful way in advance of
knowing specific facts. The forward-looking statements are provided
as of the date of this press release and the Company does not
assume any obligation to update or revise the forward-looking
statements to reflect new events or circumstances, except as
required by law.
For more details on CCL, visit our website - www.cclind.com.
CCL Industries Inc.Sean WashchukSenior Vice President and Chief
Financial Officer416-756-8526www.cclind.com
CCL Industries (TSX:CCL.B)
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