CCL Industries buys BOPP films maker Innovia for $ 845 mn

Canadian specialty labels maker CCL Industries Inc has acquired Innovia Group, the UK-based manufacturer of specialty BOPP (biaxially oriented polypropylene) films and polymer banknote substrate, from the Smithfield Group, the managing shareholder of Innovia, for CAN$ 1.13 billion ($ 845 million). The acquisition will propel CCL into a leadership position in the disruptive, fast growing polymer banknote market while further consolidating its presence in the materials science arena with propriety BOPP films technology for the label, packaging and security sectors.

Innovia is a leading global producer of specialty, high performance, multi-layer, surface engineered BOPP films for label, packaging and security applications. The business has film extrusion, coating and metallising facilities across the UK, Belgium and Australia as well as high security, specialised polymer banknote operations in the UK, Australia and Mexico with 1200 employees and sales offices in 16 countries around the world. For 2017, Innovia is expected to generate net revenue of approximately $ 570 million and estimated EBITDA of $ 155 million.