Innovia Group acquired by label giant CCL

Canadian label company CCL Industries Inc will acquire Innovia Group, a specialist in BOPP films and polymer banknote substrate, for CAN$1.13 billion.

The transaction follows a successful period for Innovia during which it enhanced the capabilities and performance of both its film and banknote businesses. Increasing its strategic focus on high value add and differentiated films, it divested its legacy cellophane business in 2016.

CCL is one of the world's largest specialty label businesses, employing more than 20,000 people and operating from 156 production facilities across 35 countries. CCL has a complementary presence in the markets in which Innovia operates, with capabilities in security printing, polymer extrusion and surface engineering.

The transaction is expected to be finalised by the end of the first quarter, 2017.