Label and packaging maker CCL Industries Inc. has acquired Lux Global Label Asia Pte. Ltd. of Singapore for C$9.4 million (US$7.7 million).
Lux makes decorative labels for global consumer customers in the ASEAN region, officials with CCL in Toronto said in a May 3 news release. For the year ended March 31, Lux had sales of C$9.2 million (US$7.55 million). The firm now will operate as CCL Label Singapore.
CCL President and CEO Geoffrey Martin said in the release that CCL "expects to improve the financial and operational performance of [Lux] significantly."
The Lux acquisition is CCL's second international plastics deal in less than two years. In January 2020, the firm acquired Spain's Eti-Textil, a maker of apparel labels, for C$19.6 million (US$16.1 million).
CCL employs approximately 22,200 at almost 200 facilities worldwide. Officials said the firm is the world's largest converter of pressure sensitive and specialty extruded film materials for a wide range of decorative, functional and security applications. CCL sells to government institutions as well as global customers in consumer packaging, health care, electronic devices and automotive.
In 2020, CCL posted sales of just over C$5.2 billion (US$4.3 billion). The firm's label and packaging brands include Avery, Checkpoint and Innovia.