CCL enters India through Super Label stake
CCL Industries has moved into India with its Pacman-CCL joint venture signing a binding agreement to acquire a 70 percent stake in Mumbai-based Super Label.
Super Label focuses on pressure-sensitive labels for large consumer products and healthcare customers with operations in India. Pacman-CCL will invest 3.75 million CAD (2.9 million USD) in the venture to acquire its stake, reduce debt and provide funding for future expansion.
After the investment, Super Label will continue to be headed by its founder, Bharat Mehta, and becomes part of Pacman-CCL, trading under the CCL corporate identity system with immediate effect.
Geoffrey T. Martin, CCL president and CEO, commented: ‘Over the last decade, we looked many times at entering India through acquiring a local business. Super Label is one of the best managed we have seen, I believe this is the best way forward given Pacman-CCL's proximity to the region.
‘Our Indian Checkpoint subsidiaries remain separate to this venture, entirely under CCL control, focusing exclusively on retail and apparel markets.’
The Pacman-CCL joint venture, headquartered in Dubai, is jointly owned by CCL and Albwardy Investment, and is headed by John Dawson, managing director. Pacman-CCL now has plants in Dubai, Oman, Saudi Arabia, Pakistan, Egypt and India. 2016 sales were approximately 38 million USD.