Canadian label and packaging solutions group CCL Industries signed an agreement to acquire Polish film producer BOPP Flexpol for an estimated C$22.0 million ('15.1 million).
Flexpol had 2019 revenues of approximately $70.0 million ('48.1 million), entirely focused on flexible packaging customers, with an adjusted EBITDA of $3.7 million ('2.5 million).
"This operation provides us with new capabilities to deliver label film to Europe using the same technology we have implemented at Innovia Mexico for the Americas, complementing the existing product offerings of Innovia's UK operations" said Geoffrey T. Martin, President and Chief Executive Officer of CDC.
The transaction is expected to be completed in the first quarter of 2020 following the various regulatory approvals. Under its new owner, Flexpol will then be renamed Innovia Poland.
CCL Industries with more than 20,000 people in more than 165 production facilities in 40 countries is the world's largest converter of extruded pressure sensitive films. It has various subsidiaries including Avery Dennison.
