CCL completes purchase

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CCL completes purchase
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Monday, September 19, 2011

Toronto, Canada - CCL Industries has completed the purchase of its 50% interest in Pacman-CCL announced in March. CCL’s interest was acquired from Albwardy Investment, which had full ownership of this group of label companies before CCL’s purchase. Pacman-CCL is based in Dubai in the United Arab Emirates with additional operations in Cairo, Egypt, Muscat, Oman and a planned start up in Jeddah, Saudi Arabia in the current year. Albwardy Investment retains the remaining 50% economic interest in Pacman-CCL. The business had previously been operating under a CCL Label license agreement, which included territory rights for the Middle East and India, since late 2009. The total purchase price of $18.5 million included a $2 million deposit on signing paid in the second quarter of 2011 with the remaining balance paid on closing.