Label and packaging firm CCL Industries has partnered with Turkey-based in-mould-labels (IML) producer Korsini, to set up a manufacturing facility for IML in Memphis, Tennessee, in the US.
The two companies will form a new entity with a total investment of $20m, and own equal stakes in it. The plant is expected to be on stream by 2016.
CCL president and CEO Geoffrey T. Martin said: "This is an important addition to our fast growing food and beverage business. CCL will oversee the construction of a new 70,000ft2 facility immediately adjacent to our specialty label operation in Memphis where the venture will be based."
Catering to consumer packaging, healthcare, automotive and consumer durables sectors, CCL operates 102 production units across 29 countries with offices in Toronto, Canada, and Framingham, Massachusetts. The company converts pressure sensitive and film materials for a wide range of decorative, instructional and functional applications.
Korsini president and CEO Enrico Corsini said: "CCL is the world's largest label company with extensive presence in North America, which has become our fastest growing export market.
"Contributing our technical expertise to manufacturing while controlling injection molded container customer relationships will ensure we get the new venture rapidly established and take a very strong market position."
Korsini has two operations units in Izmir and Milan, Italy. It posts a combined sales worth $50m with 90% exported to over 50 countries.
CCL Label's food and beverage business - president Guenther Birkner said: "IML for injection moulded containers was successfully introduced in Europe some years ago and we now see a similar development in this rapidly growing decoration technology in North America.
"Korsini is an advanced technology partner already servicing injection moulded container customers in North America with products exported from Turkey. Our role in the venture is to support local manufacturing, provide market access to brand owner customers and manage administration."
