TORONTO, ON--(Marketwired - February 23, 2017) - CCL Industries Inc. ("CCL" or "the Company") (TSX: CCL.A) (TSX: CCL.B), a world leader in specialty label and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today that it proposes to split its Class A voting shares and Class B non-voting shares on a five-for-one basis. The proposed stock split has been approved by the Company's Board of Directors and requires the approval of the holders of the Class A voting shares at the annual and special meeting of CCL's shareholders scheduled to be held in Toronto, Ontario, on May 9, 2017. The stock split is also subject to the requirements of the TSX. Following shareholder approval of the stock split, it is expected that shareholders of record as of the close of business on May 26, 2017, will receive from CCL's transfer agent four additional Class A voting shares or four additional Class B non-voting shares, as applicable, for each share held.
Geoffrey T. Martin, President and CEO of CCL, commented, "We believe that the stock split and the resulting increase in the number of shares outstanding will encourage greater market liquidity and wider distribution of its shares among a broader investor base."
This press release contains forward-looking information and forward-looking statements, as defined under applicable securities laws, (hereinafter collectively referred to as "forward-looking statements") that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the timing and impact of a proposed stock split of CCL Class A and CCL Class B shares.
Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the after-effects of the global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; the outcome of anti-trust filings; changes in government regulations; risks associated with operating and product hazards; and CCL's ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: improved investor demand for the Company's shares; demand for the Company's products; consumer spending; continued historical growth trends, market growth in specific sectors and new markets; the Company's ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company's focused strategies and operational approach; the achievement of the Company's plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company's continued relations with its customers; and general business and economic conditions. Should one or more risks materialize or should any assumption prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found throughout this report and particularly in Section 4: "Risks and Uncertainties" of the 2015 Annual MD&A. CCL's annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request.
CCL Industries employs more than 20,000 people operating 152 production facilities in 35 countries on 6 continents with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL Label is the world's largest converter of pressure sensitive and extruded film materials for a wide range of decorative, instructional and functional applications for large global customers in the consumer packaging, healthcare and chemicals, consumer durable, electronic device and automotive markets. Extruded and laminated plastic tubes, folded instructional leaflets, precision decorated and die cut components, electronic displays and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world's largest supplier of labels, specialty converted media and software solutions to enable short-run digital printing in businesses and homes alongside complementary products sold through distributors and mass market retailers. CCL Container is a leading producer of impact extruded aluminum aerosol cans and bottles for consumer packaged goods customers in the United States and Mexico. Checkpoint is a leading manufacturer of technology-driven, loss prevention, inventory management and labeling solutions, including RF and RFID-based, to the retail and apparel industry. CCL partly backward integrates into materials science with capabilities in polymer extrusion, adhesive development and coating, surface engineering and metallurgy that are deployed across all four business segments.