CCL Industries Expands Ownership in Middle East Venture

CCL Industries Inc., a global leader in label, security, and packaging solutions, announced the signing of a binding agreement to acquire the remaining 50% equity interest in its Middle East joint venture, Pacman-CCL. The transaction involves purchasing shares from Dubai-based Albwardy Investment LLC, positioning CCL Industries to fully own the venture. Pacman-CCL maintains operations across multiple countries including the United Arab Emirates, Oman, Egypt, Saudi Arabia, and Pakistan.

The company expects to finalize this acquisition by summer 2024, pending approval from local regulatory bodies. Details concerning the financial aspects of the deal will be released upon the transaction's completion. This strategic move aligns with CCL Industries' aim to consolidate its market presence in the Middle Eastern region and enhance operational efficiencies within these markets.