CCL Industries Inc. has signed a binding agreement to acquire privately held Nortec International Ltd., based near Tel Aviv, Israel for approximately $9 million in cash and assumed debt, as the company said in the press release received by Lesprom Network.
Nortec is a specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector and also exports its products around the world. 2017 sales were $9.6 million with an estimated, adjusted EBITDA of approximately $1.4 million.
The business will change its trading name to CCL Design Israel on closing, which is expected during the 2Q 2018. Commenting on the proposed transaction President & CEO, Geoffrey T. Martin said, “Israel is an important country for the electronics industry, and our CCL Design team has known Nortec for some time so we are pleased to welcome its founder Doron Lavi and his people to the Company.”
CCL Industries Inc. is a world leader in specialty label, security and packaging solutions.
