Specialty packaging company CCL Industries has signed a contract to acquire the assets of German packaging solutions provider Advanced Packaging Films (APF) for about $9m.
Following the transaction, APF will operate as a subsidiary of CCL Label global Food & Beverage under the name Advanced Performance Films.
The move is part of CCL's plan to accelerate growth with global brand owners in the pressure sensitive label applications segment.
CCL Label global Food & Beverage business president Gunter Birkner said, "This new capability allows us to design proprietary, specialty films for new sleeve and pressure sensitive label applications while improving our supply chain performance for part of today's demand."
The acquisition is expected to close by 31 October 2013.
CCL Industries president and CEO Geoffrey Martin said the company expects to develop more capabilities in the materials science field as it seeks to innovate new ideas for customers.
"Bolt on acquisitions like this could become an important part of that strategy," Martin added.
