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CCL completes sale of its interest in European venture

CCL Industries Inc. recently completed the sale of its 40 percent interest in its European joint venture, ColepCCL Portugal - Embalagens e Enchimentos S.A., to its majority partner, RAR - Sociedade de Controle (Holding), S.A., based in Portugal.

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By: Greg Hrinya

Editor, Label & Narrow Web

CCL Industries Inc., of Toronto, ON, Canada, a leader in specialty packaging and labeling solutions for the consumer products and healthcare industries, recently completed the sale of its 40 percent interest in its European joint venture, ColepCCL Portugal – Embalagens e Enchimentos S.A., to its majority partner, RAR – Sociedade de Controle (Holding), S.A., based in Portugal. CCL receives a total of $145 million for its interest in the joint venture.

In 2006, CCL’s proportional share of ColepCCL’s sales was $182.7 million and the joint venture contributed $18.0 million of earnings before interest and taxes and $25.5 million in EBITDA to CCL’s financial results.

Donald G. Lang, vice chairman and CEO of CCL Industries, says, ” The proceeds from this transaction provide us with more flexibility to accelerate building the great franchises in our portfolio, which now make CCL a pure global specialty packaging company.”

CCL manufactures pressure sensitive, shrink sleeve and in-mold labels, aluminum containers and plastic tubes for leading global companies in the home and personal care, healthcare and specialty food and beverage sectors.

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