CCL completes sale of joint venture holdings
Specialty packager CCL Industries Inc., of Toronto, has completed the sale of its 40 per cent interest in its Europ...
Specialty packager CCL Industries Inc., of Toronto, has completed the sale of its 40 per cent interest in its European joint venture, ColepCCL Portugal – Embalagens e Enchimentos S.A., to its majority partner, RAR – Sociedade de Controle (Holding), S.A.
CCL will receive a total of $145 million for its interest in the joint venture, with all money to be paid by the end of February 2008.
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,” said Donald G. Lang, vice chairman and CEO of CCL. According to Lang, the company has almost doubled its return on its original investment, made three and a half years ago.
With headquarters in Toronto, Canada, CCL Industries employs approximately 5,000 people and operates 49 production facilities in North America, Europe, Latin America and Asia.