The company that produces the new plastic British five pound note has agreed to be acquired by Canadian label and packaging giant CCL Industries.
Innovia, a specialist in BOPP films and polymer banknote substrate, will be purchased in a deal worth C$1.13 billion (€810 million, £683 million) following a successful period for Innovia, which included the establishment of a new state-of-the-art facility in Cumbria for the production of its polymer banknote substrate.
"CCL will be an excellent long-term owner for the employees and customers of Innovia," said Mark Robertshaw, Chief Executive of Innovia Group. "CCL recognises and values Innovia’s world leading technology, R&D and differentiation in Films and Security and sees a high degree of complementarity with CCL’s own capabilities and markets to establish new growth opportunities for their business."
CCL is the world’s largest specialty label business and is publicly quoted on the Toronto Stock Exchange with a market value in excess of C$8 billion. It employs more than 20,000 people and operates from 156 production facilities across 35 countries on six continents. Innovia’s pre-eminent R&D and high technology capabilities provide a platform for CCL to grow and further enhance CCL's offering.
The transaction is subject to regulatory and other change of control approvals and customary completion procedures with closing expected by the end of the first quarter of 2017.