Consumer goods packaging and labelling supplier CCL Industries has agreed to buy German labelling company Steinbeis Packaging for approximately CDn$80m (£34.8m).
Steinbeis, headquartered in Holzkirchen, supplies battery labels to customers worldwide and decorative labels for cosmetics and food beverages. Peter Gronfeld, marketing and sales manager for CCL's food business, adds: "The acquisition provides excellent synergies in the cosmetics and food and beverage areas particularly, while Steinbeis's expertise in battery labelling - it owns numerous patents and supplies around 70% of the world's total pressure-sensitive battery label requirements - adds another major string to our bow."
Alongside its Holzkirchen factory, Steinbeis operates another German label plant, an in-mould facility in France, and manufacturing sites in China and the US.
CCL Industries president and chief executive officer Donald D Lang said of the purchase: "This transaction accelerates CCL Label's strategy of servicing our customers on a global basis and transforms our current business into the largest and fastest-growing label network in Europe and China".
