CCL Industries – Acquisition of Innovia Group for EUR 810 million
Innovia Group is acquired by CCL Industries (Source: Innovia)
UK • For an amount of Canadian Dollar 1.13 billion (EUR 810 million) the speciality industrial business CLL Industries buys Innovia Group. Innovia, part of the Smithfield Group, supplies specialty BOPP films and polymer banknote substrate. The transaction is subject to regulatory and other change of control approvals and customary completion procedures with closing expected by the end of the first quarter, 2017.
The transaction follows a period for Innovia during which it has enlargened the capabilities of its film and banknote businesses. The company divested its legacy cellophane business earlier this year while making investments over the last 3 years, such as a new facility to produce polymer banknote substrate in Cumbria.
Innovia Group offers high-tech film products for packaging and industrial applications and banknotes. Headquartered in Wigton, UK, the Group employs about 1200 people. According to Innovia, its polymer banknote division Innovia Security, has produced about 50 billion polymer banknotes for central banks worldwide, representing over 99% of all polymer notes in global circulation since their introduction in Australia in the early 1990s.
According to the company CCL is the world’s largest specialty label business and is publicly quoted on the Toronto Stock Exchange with a market value in excess of CAN $8 billion. CCL has a complementary presence in the markets in which Innovia operates, with capabilities in security printing, polymer extrusion and surface engineering that are deployed across all business segments. Innovia’s R&D and technology capabilities are set to be a platform for CCL to grow and further enhance its offer in these markets.