An agreement has been made to allow Canadian CCL Industries Inc to acquire the Innovia Group for CAN $1.13 billion (c. £685 million).
Innovia specialise in BOPP films and polymer banknote substrates used in many banknotes currently circulating throughout the world, including the newly issued five pound notes in the UK and Australia. The agreement came from the company’s managing shareholder, The Smithfield Group.
CCL Industries Inc. (CCL) is the world’s largest speciality label business and is publicly quoted on the Toronto Stock Exchange with a market value of more than CAN $8 billion. It operates within the same industry, namely security printing and polymer extrusion.
According to Innovia, the transactions follows “a highly successful period for Innovia during which it has substantially enhanced the capabilities and performance of both its film and banknote businesses.”
Speaking of the acquisition, Innovia’s Chief Executive, Mark Robertshaw, said
“CCL will be an excellent long term owner for the employees and customers of Innovia. CCL recognises and values Innovia’s world leading technology, R&D and differentiation in Films and Security and sees a high degree of complementarity with CCL’s own capabilities and markets to establish new growth opportunities for their business.”
To read the full press release from Innovia click here.