CCL Industries Announces Closing of Polish Acquisition

CCL Industries announced the closing of the acquisition of Flexpol Sp. Z.o.o. this week after regulatory approval was completed. The company now trades as “Innovia Poland” with immediate effect.

Commenting on the acquisition, Guenther Birkner, President of Innovia Films (in addition to heading CCL Label’s Food & Beverage and Healthcare & Specialty businesses), commented, “We are excited about the new operation which brings important new capabilities to service the label industry in Europe, matching the product lines available from our North American operation. We will continue to invest in this low cost operation to expand our product offering in label films for internal use as well as sales to the external market. We will also continue to service the flexible packaging market as Flexpol has done successfully in the past.”

Forward-looking Statements

This press release contains forward-looking information and forward-looking statements, as defined under applicable securities laws, (hereinafter collectively referred to as “forward-looking statements”) that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward looking statements are typically identified by the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding future investment in Innovia Poland.

Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the impact  of the outbreak of the novel coronavirus known as COVID-19; instability of the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological changes; changes in government regulations; risks associated with operating and product hazards; and the Company’s ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company’s actual results could differ materially from those anticipated in these forward-looking statements.

Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: consumer spending; improved customer demand for the Company’s products; continued historical growth trends, market growth in specific sectors and entering into new markets; the Company’s ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company’s focused strategies and operational approach; the achievement of the Company’s plans for improved efficiency and lower costs, including stable aluminum and resin costs; the availability of cash and credit; fluctuations of currency exchange rates and the Company’s continued relations with its customers. Should one or more risks come to fruition or should any assumption prove incorrect, then actual results could vary materially from those expressed or implied in the forward looking statements. Further details on key risks can be found in Section 4: “Risks and Uncertainties” of the 2019 Annual MD&A.