CCL Industries expands in Malaysia

TORONTO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- CCL Industries Inc. (TSX:CCL.A) (TSX:CCL.B), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today it has signed a binding agreement to acquire Super Enterprises Printing (Malaysia) Sdn. Bnd. (“SEP”), based in Kuala Lumpur with a second manufacturing operation in Guangzhou, China.

SEP is a leading supplier of decorative panels, liquid crystal & touch screen display covers and in-mould decorated components for the consumer electronics and automotive sectors across Asia. For the trailing twelve months ending September 30, 2020, sales were $26.4 million, with adjusted EBITDA estimated at $3.0 million. The approximate $20.0 million purchase price includes two buildings housing operations in Kuala Lumpur. Closing is planned before the end of the year, at which time the new business will trade as CCL Design.

Geoffrey T. Martin, President and Chief Executive Officer of CCL Industries Inc., commented, “We are pleased to expand our highly successful CCL Design operations in Asia, adding in-mould decorating and technical screen-printing technologies, as well as strong sales and project engineering resources throughout the region. Our key people have known SEP for some time, and welcome all their employees to CCL.”

Forward-looking Statements

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 a forward-looking statement regarding the planned closing of this acquisition before the end of the year.