CCL Industries Inc. ("CCL") announced that the Pacman-CCL joint venture, headquartered in Dubai, has signed a binding agreement to acquire a 70% stake in privately owned Super Label Mfg. Co., based in Mumbai, India.
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 in the venture 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.
The company 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.
Pacman-CCL now has plants in Dubai, Oman, Saudi Arabia, Pakistan and Egypt as well as India. The Company is jointly owned by CCL and Albwardy Investment based in Dubai and headed by John Dawson, Managing Director. 2016 sales were approximately $50 million.
CCL Industries Inc. is a world leader in specialty label and packaging.
