CCL Industries buying Polish BOPP film company Flexpol for $22 million
The deal gives Toronto-based CCL the capability to deliver label films in Europe using the same technology it has in place at Innovia Mexico for the Americas.
January 3, 2020 by Canadian Plastics
Toronto-based specialty label and packaging supplier CCL Industries Inc. has signed a deal to buy Polish company Flexpol Sp. Z.o.o. for an estimated $22 million.
Flexpol is a producer of BOPP film which is used in packaging, labelling, and lamination.
“This operation brings us new capability to deliver label films in Europe using the same technology we have in place at Innovia Mexico for the Americas complementing existing product offerings from Innovia’s UK operations,” CCL president and CEO Geoffrey T. Martin said in a Jan. 3 statement. “The plant is in very good condition with state-of-the-art equipment in a low cost location. We expect to significantly improve profitability by 2021 as product mix changes. The acquired operation will report directly to Guenther Birkner who heads Innovia globally alongside CCL’s Food & Beverage and Healthcare & Specialty label businesses.”
According to CCL, Flexpol had approximately $70 million in sales in 2019, focused on flexible packaging customers.
The deal is expected to close in the first quarter of 2020, following regulatory approvals.
CCL’s statement said that Flexpol will operate as Innovia Poland.