Multi-Color Corporation (MCC) is pleased to announce it has entered into a property contract to acquire larger facilities in Paarl, South Africa.
This USD 2.3 million (RSA Rand 17.5 million) property investment secures a long-term home for the current MCC Collotype Labels business in South Africa and provides significant room for expansion.
“We have enjoyed substantial growth in South Africa in the last six years and we are excited about future prospects,” said Nigel Vinecombe, MCC President & CEO. He added, “This property purchase and subsequent refurbishments will be funded from current cash reserves in South Africa. We are delighted to reinvest in our business and team that have established a proven track record over many years in this developing market.”
The new property will be purchased in 2011 and refurbished. It will be ready for relocation prior to the expiration of the current facility lease.
MCC is one of the world’s largest label printers, specializing in the home & personal care, food & beverage and wine & spirit markets. Annual revenues are over USD 300 million with
operations on four continents. MCC (NASDAQ: LABL) is the only global U.S. publicly listed
label company and specializes in the highly fragmented multi-billion dollar label industry.