Toronto — CCL Industries Inc., a publicly traded company that makes specialty label, security and packaging products, announced Jan. 31 that it had acquired acquired privately owned Ibertex Etiquetaje Industrial SLU and Eti-Textil Maroc Sarl AU, collectively known as Eti-Textil.
Toronto-based CCL said the deal is valued at $19.6 million, including cash and debt, and subject to closing adjustments. Eti-Textil will become part of CCLs Apparel Labeling Systems (ALS) business.
Eti-Textil is an apparel label producer headquartered in Elche, Spain, with additional manufacturing in Tangier, Morocco. It posted 2019 sales estimated at $7.7 million with an adjusted earnings before interest, taxes, depreciation and amorization $3.5 million.
CCL President and CEO Geoffrey Martin said in a news release: "Eti-Textil offers our combined customers a full range of labeling products and services, including RFID, while adding to our ALS operational footprint in the important geographies of Iberia and North Africa. Eti-Textil's management will also be a strong and highly experienced addition to the ALS global leadership team."