CCL Acquires European Label Business of Jarvis Porter Group
Press release from the issuing company
CCL Industries says that an agreement has been reached to acquire the pressure sensitive label printing businesses of UK-based Jarvis Porter Group PLC for a cash consideration of approximately Cdn.$16 million, subject to closing adjustments. This transaction will be completed on February 1, 2002.
The plants acquired include the primary UK site at Ingram Row in Leeds, a pharmaceutical label site at Lewes near Brighton, and two sites on the European continent, Jarvis Porter Peha in Utrecht, the Netherlands, and Jarvis Porter Baulip in Paris, France. Combined revenues from these sites were approximately Cdn.$50 million in the fiscal year ending February 1, 2001.
"This transaction positions CCL Label as the first real global player in the industry. The acquisition was completed at a fair price and it is expected to be accretive to earnings in 2002," said Donald Lang, President and CEO of CCL Industries Inc.
Geoffrey Martin, President of CCL Label added, "Jarvis Porter has been one of the pre-eminent pressure sensitive label companies in Western Europe for many years, with an excellent quality and service reputation with its customers in the consumer and health care sectors. This acquisition allows us to provide our global customers with a single source supply chain for innovative label packaging solutions throughout the NAFTA and EC trading blocks."
Following closing, CCL will immediately change the name of the Jarvis Porter operations to trade under the CCL Label banner and become part of CCL Label International, consisting of the European, Canadian and Latin American businesses reporting to Geoffrey Martin.
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