Multi-Color Corporation (MCC) is delighted to announce that it has entered into agreements to buy 70% ownership in two label operations in Latin America: one in Santiago, Chile and the other in Mendoza, Argentina with regional partner Mr. Fernando Aravena owning the remaining 30%.
Mr. Aravena has over 25 years experience in the Latin American label industry as owner and manager of operations in Chile, Argentina, Mexico and Peru.
MCC's initial investment is USD 3.7 million and is effective on May 2, 2011. Existing business assets will be transferred to two new companies, Collotype Labels (Chile) S.A. and Collotype Labels (Argentina) S.A. The companies will focus on providing premium labels to the expanding Latin American wine and spirit markets and thus will operate using MCC’s Collotype trade name.
"We have been keen to establish operations in Latin America and see this as an attractive first step. We have known Mr. Aravena for many years and appreciate this opportunity to partner with him and his established team. They have a proven track record in the region, have recently invested in the latest pressure sensitive label technology and have long standing customer relationships. Together we see exciting growth opportunities in these developing markets," said MCC President and CEO, Nigel Vinecombe.
About Multi-Color (http://www.mcclabel.com)
Cincinnati, Ohio, U.S.A. based Multi-Color Corporation (MCC), established in 1916, is a leader in global label solutions supporting a number of the world’s most prominent brands including leading producers of home and personal care, wine and spirit, food and beverage and specialty consumer products. MCC serves international brand owners in North, Central and South America, Europe, Australia, New Zealand, South Africa and China with a comprehensive range of the latest label technologies in Pressure Sensitive, Cut and Stack, In-Mold, Shrink Sleeve and Heat Transfer. MCC employs approximately 1,500 associates across 15 operations globally and is a public company trading on the NASDAQ Global Select Market Exchange (company symbol: LABL).
Source: http://www.mcclabel.com.
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