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CCL completes European joint venture

Published on 2003-08-06. Author : SpecialChem

 

CCL Industries Inc. has finalized a 51 percent controlled European joint venture with Pachem AG, a leading, privately held provider of pressure sensitive, shrink sleeve and in-mold labels.

The purchase consideration for this 51 per cent interest is approximately Cdn $16 million including pro-rated debt assumed. CCL Label, as part of this consideration, will contribute its Avelin, France facility. Additional consideration of up to approximately Cdn $3 million will be payable in the future, provided the joint venture meets specified EBITDA and debt reduction targets. The intent to form this joint venture was originally announced on December 18, 2002.


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