In what it calls a bolt-on acquisition that boosts its presence in Asia, Toronto-based specialty packager CCL Industries has purchased Singapore-based label converter Zephyr Company (Private) Ltd., and its two Malaysian subsidiaries in Penang and Johor, for $39 million.
In a statement, CCL described Zephyr as a “leading” label converter focused on the electronics industry, and had sales of about $36 million last year.
Zephyr has two subsidiaries in Penang and Johor, Malaysia.
“Zephyr will immediately change its trading identity to CCL Design and continue to focus on the electronics industry in Southeast Asia,” CCL CEO Geoffrey T. Martin said in a statement. “These new geographies for CCL are important for the development of our overall business in Asia, complementing our strong presence in the electronics industry in China following the acquisition of Worldmark in 2015.”
CCL bought label specialist Worldmark for $252 million, including its manufacturing plants in Scotland, China, Mexico, and Hungary.
CCL employs more than 13,000 people operating 122 production facilities in 31 countries on 6 continents.
