Canada’s CCL Industries is to pay US$18.5 million for a 50% interest in Pacman-CCL, a privately owned group of label companies based in Dubai. The company has been a CCL Label license holder since 2009. The remaining 50% interest in the venture will continue to be held by Ali Saeed Juma Albwardy.
Pacman-CCL, which also has operations in Egypt and Oman, generated sales of US$25.8 million in 2010, with net after tax earnings of approximately US$4.6 million.
CCL and Albwardy have agreed to complete an US$4.0 million facility currently under construction in Jeddah, Saudi Arabia, this year. A prospective future greenfield investment by Pacman-CCL in India is also planned.
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