CCL Industries Completes Avery Dennison Label Converting & Consumer Products Acquisition and Announces Leadership & Segment R...
01 Julio 2013 - 10:30AM
Marketwired
CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) ("CCL"), a world leader
in specialty label and packaging solutions for global corporations,
small businesses and consumers confirmed today that it has
completed the acquisition of Avery Dennison's Office & Consumer
Products ("OCP") and Designed & Engineered Solutions ("DES")
businesses previously announced on January 30, 2013, for a
debt-free cash purchase price of US$500 million subject to
customary post-closing adjustments to be finalized during the third
quarter.
The OCP business will cease to use its former Avery Dennison
divisional identity and trade with immediate effect simply as
"Avery" becoming a publicly reportable operating segment of CCL,
with effect from the third quarter of 2013.
The Company announced that it is appointing Jim Sellors as
President of Avery North America with immediate effect. Mr. Sellors
is a long-term CCL leader most recently serving as Group Vice
President of the North American and Australian Healthcare &
Specialty label business. Prior to CCL, he spent several years in
the United States in Marketing & Product Development at Newell
Rubbermaid. Mark Cooper has been appointed Vice President &
Managing Director for Avery in Europe and Asia Pacific and will
join CCL in August from Bong AB, a leading European supplier of
envelopes. Mr. Cooper previously spent more than 20 years at Avery
Dennison predominantly in their OCP sector in both Europe and the
United States.
Both executives will report to Geoffrey T. Martin, President and
CEO of CCL, who commented, "I would like to acknowledge Tim Bond,
President of OCP Worldwide, for the excellent support he has given
us in the lengthy transition and integration process which will
continue through the summer period. He indicated early on that he
may well pursue an alternative path for personal and professional
reasons and so it has proved. I'm sure many of our customers and
new employees will join me in thanking him for his leadership,
particularly during the exhaustive divestiture period, and wish him
every success in the future. We are very fortunate to have found
two such highly experienced leaders to succeed him and take the
iconic 'Avery' brand with its global reputation as a digital
printing enabler into a successful future under CCL ownership."
The DES business will be integrated into and augment an enlarged
CCL Label reporting segment. Acquired operations involved in the
automotive and consumer durables markets will trade as CCL Design
alongside the Company's existing business in Germany. Remaining DES
facilities will become important additions to the market sector
business units of CCL Label. CCL Container will continue as the
third reporting segment of the Company.
CCL Industries employs approximately 9,800 people and operates
87 production facilities in 25 countries on 5 continents with
corporate offices in Toronto, Canada, and Framingham,
Massachusetts. CCL Label is the world's largest converter of
pressure sensitive and film materials for a wide range of
decorative, instructional and functional applications for large
global customers in the consumer packaging, healthcare, automotive
and consumer durables markets. Extruded plastic tubes, folded
instructional leaflets, precision printed & die cut metal
components with LED displays and other complementary products and
services are sold in parallel to specific end use markets. Avery is
the world's largest supplier of labels, specialty converted media
and software solutions to enable short run digital printing in
businesses and homes alongside complementary office products sold
through distributors and mass market retailers. CCL Container is a
leading producer of impact extruded aluminum aerosol cans and
bottles for consumer packaged goods customers in the United States,
Canada and Mexico.
This press release contains forward-looking information and
forward-looking statements, as defined under applicable securities
laws, (hereinafter collectively referred to as "forward-looking
statements") that involve a number of risks and uncertainties.
Forward-looking statements include all statements that are
predictive in nature or depend on future events or conditions.
Forward-looking statements are typically identified by the words
"believes", "expects", "anticipates", "estimates", "intends",
"plans" or similar expressions. Statements regarding the
operations, business, financial condition, priorities, ongoing
objectives, strategies and outlook of the Company, other than
statements of historical fact, are forward-looking statements.
Specifically, this press release contains forward-looking
statements regarding the success of the acquisition.
Forward-looking statements are not guarantees of future
performance. They involve known and unknown risks and uncertainties
relating to future events and conditions including, but not limited
to, the evolving global financial crisis and its impact on the
world economy and capital markets; the impact of competition;
consumer confidence and spending preferences; general economic and
geopolitical conditions; currency exchange rates; interest rates
and credit availability; technological change; changes in
government regulations; risks associated with operating and product
hazards; and CCL's ability to attract and retain qualified
employees. Do not unduly rely on forward-looking statements as the
Company's actual results could differ materially from those
anticipated in these forward-looking statements.
Forward-looking statements are also based on a number of
assumptions, which may prove to be incorrect, including, but not
limited to, assumptions about the following: global economic
recovery and higher consumer spending; improved customer demand for
the Company's products; continued historical growth trends, market
growth in specific segments and entering into new segments; the
Company's ability to provide a wide range of products to
multinational customers on a global basis; the benefits of the
Company's focused strategies and operational approach; the
achievement of the Company's plans for improved efficiency and
lower costs, including stable aluminum costs; the availability of
cash and credit; fluctuations of currency exchange rates; the
Company's continued relations with its customers; and general
business and economic conditions. Should one or more risks
materialize or should any assumptions prove incorrect, then actual
results could vary materially from those expressed or implied in
the forward-looking statements. Further details on key risks can be
found in the MD&A section of CCL's 2012 Annual Report,
particularly under Section 4: "Risks and Uncertainties." CCL's
annual and quarterly reports can be found online at www.cclind.com
and www.sedar.com or are available upon request. Except as
otherwise indicated, forward-looking statements do not take into
account the effect that transactions or non-recurring or other
special items announced or occurring after the statements are made
may have on CCL's business. Such statements do not, unless
otherwise specified by the Company, reflect the impact of
dispositions, sales of assets, monetizations, mergers,
acquisitions, other business combinations or transactions, asset
write-downs or other charges announced or occurring after
forward-looking statements are made. The financial impact of these
transactions and non-recurring and other special items can be
complex and depends on the facts particular to each of them and
therefore cannot be described in a meaningful way in advance of
knowing specific facts. The forward-looking statements are provided
as of the date of this press release and the Company does not
assume any obligation to update or revise the forward-looking
statements to reflect new events or circumstances, except as
required by law.
For more details on CCL, visit our website - www.cclind.com
Contacts: CCL Industries Inc. Sean Washchuk Senior Vice
President and Chief Financial Officer 416-756-8526
www.cclind.com
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