CCL Industries Inc., a world leader in the development of labelling solutions and specialty packaging for the consumer products and healthcare industries, announced today that it has acquired Purbrick Ltd, a privately held company based in Melbourne, Australia.
Purbrick supplies patient information leaflets and pressure sensitive labels to global pharmaceutical customers located in Australia.
For the calendar year of 2009 revenues for Purbrick were approximately $8.7 million with an estimated EBITDA of $1.9 million at current exchange rates to the Australian Dollar. The purchase price was $2 million, representing a small discount to the book value of net equity acquired.
Geoffrey Martin, President and CEO of CCL Industries commented "Purbrick will change its trading name immediately to CCL Label and become part of our global network of GMP-designated label supply facilities for the world's leading pharmaceutical companies. I am very pleased that the company's management team has agreed to remain with us on a long-term basis." Mr Martin added, "This acquisition demonstrates our continuing ability to find situations in the label sector that meet both our strategic and financial criteria to enhance shareholder value."
