According to the agreement, Pacman-CCL will invest US$ 3.75 million in the venture to acquire its stake, reduce debt and provide funding for future expansion. Closing is subject to customary procedures and is expected to conclude later this month. The company will continue to be headed by its founder, Bharat Mehta, and will become part of Pacman-CCL trading under the CCL corporate identity system with immediate effect.
“Over the last decade we looked many times at entering India through acquiring a local business. Super Label is one of the best managed we have seen and I believe this is the most positive way forward given Pacman-CCL’s proximity to the region,” said Geoffrey T Martin, president and chief executive officer of CCL.
Pacman-CCL currently has plants in Dubai, Oman, Saudi Arabia, Pakistan and Egypt as well as India. The company is jointly owned by CCL and Albwardy Investment based in Dubai and is headed by John Dawson, managing director. It is a world leader in specialty label and packaging solutions for global corporations, government institutions, small businesses and consumers.
The company’s Indian checkpoint subsidiaries remain separate to this venture, entirely under CCL control, focusing exclusively on retail and apparel markets.