CCL Industries –Entering Indian market by acquiring Super Labels
INDIA • The label printer announced that the Pacman-CCL joint venture, headquartered in Dubai, has signed an agreement to acquire a 70% stake in privately owned Super Label. Based in Mumbai Super Label supplies pressure sensitive labels for large consumer products and healthcare customers with operations in India. The company will continue to be headed by its founder Bharat Mehta and will be part of Pacman-CCL trading under the acquired the majority stake of Super Labels.
The company will invest USD 3.75 million in the venture in order to acquire its stake, reduce debt and provide funding for future expansion. Closing is subject to customary procedures and is expected to conclude later this month.
Pacman-CCL has facilitiies in Dubai, Oman, Saudi Arabia, Pakistan and Egypt and now in India. The joint venture is owned by CCL and Albwardy Investment based in Dubai and headed by John Dawson, Managing Director. According to the company 2016 sales were approximately USD 50 million.