Treofan sells America business to CCL Industries
The owner of Treofan Holdings GmbH (Raunheim, Germany), the Italian M&C, has announced the sale of the Treofan American business to the Canadian label manufacturer CCL Industries. The legally binding agreement was signed on Thursday 8 March. The acquisition of Treofan Americas by CCL Industries is expected to be completed in the second quarter of 2018, subject to all regulatory approval and closing procedures. The purchase price, including the assumption of expenses for a new production plant still under construction, amounts to approximately USD 251M (approximately €205M).
The American business of BOPP specialist Treofan includes sales in the markets of North, Central and South America as well as the production site in Zacapu, Mexico, with a nominal capacity of 60 000t and around 300 employees. CCL Industries, the world's largest manufacturer of labels with brands such as CCL Label and Avery, has announced that it will continue its existing Treofan business in America under the Innovia brand name.
Dr Walter Bickel, CEO of Treofan, comments: "We will use the proceeds from the sale to sustainably reduce the debt of the company and to consistently further develop our locations in Europe. In this way, we are pushing ahead with our strategy for profitable growth. We will continue to expand our product portfolio towards specialty films and additionally strengthen our research and development to support this course."