Toronto-based CCL Industries has signed an agreement to acquire one of Poland’s largest BOPP film producers, Flexpol, for an estimated €19.8-million.
Flexpol’s sales were approximately €63.1-million in 2019, and the company focuses entirely on flexible packaging customers.The deal is expected to close in the first quarter of 2020, following regulatory approvals, after which the new business will begin trading as Innovia Poland.
“This operation brings us new capability to deliver label films in Europe using the same technology we have in place at Innovia Mexico for the Americas complementing existing product offerings from Innovia’s UK operations,” said Geoffrey Martin, president and CEO of CCL.
“The plant is in very good condition with state-of-the-art equipment in a low-cost location. We expect to significantly improve profitability by 2021 as product mix changes,” he added.
Operations at Innovia Poland will report directly to Günther Birkner, who heads Innovia globally alongside CCL’s Food & Beverage and Healthcare & Specialty label businesses.
