CCL Industries acquires Singapore label company
CCL Industries announced it has acquired privately held Singapore company, Lux Global Label Asia Pte. Ltd. (“LUX”). LUX will immediately move to trade as CCL Label Singapore.
LUX produces decorative labels for global consumer customers in Southeast Asia. Headquartered in Singapore, LUX has marketing offices and distribution centres in Thailand and Indonesia.
LUX reported sales of $9.2 million for the trailing twelve months ending 31 March 2021, with adjusted EBITDA of approximately $1.0 million. The estimated $9.4 million purchase price is expected to equate approximately to the fair market value of the tangible fixed assets (including an owned building in Singapore) and working capital acquired.
“We are pleased to expand our highly successful operations in Asia and welcome LUX employees to CCL. We expect to improve the financial and operational performance of the acquired business significantly,” said Geoffrey T. Martin, President and Chief Executive Officer, CCL Industries Inc.
CCL Industries Inc. specialises in label, security and packaging solutions for global corporations, government institutions, small businesses and consumers.