SOURCE: CCL Industries Inc.

CCL Industries Inc.

February 23, 2017 07:00 ET

CCL Industries Announces Record Fourth Quarter and 2016 Results

TORONTO, ON--(Marketwired - February 23, 2017) -

Fourth Quarter Highlights

  • Record fourth quarter adjusted basic earnings per Class B share(3) of $2.98, up 38.0%; basic earnings per Class B share of $2.80, up 36.6%; includes $0.06 currency headwind
  • Sales increased 32.5%, supported by 6.9% CCL Label organic sales growth
  • Checkpoint delivered $27.3 million operating income(1)
  • Announced $1.13 billion acquisition of Innovia Group, necessary approvals in place to close the transaction in the first quarter 2017
  • Board approves 15.0% increase to annual dividend

2016 Highlights

  • Record full-year 2016 adjusted basic earnings per Class B share(3) of $11.41, up 32.5%; record basic earnings per Class B share of $9.90 up 16.5%
  • Sales increased 30.8% supported by 7.2% CCL Label organic sales growth
  • Closed eight acquisitions for an aggregate $669 million purchase price
  • Closed US$500 million public bond offering at 3.25% for ten years

CCL Industries Inc. (TSX: CCL.A) (TSX: CCL.B) ("CCL" or "the Company"), a world leader in specialty label and packaging solutions for global corporations, government institutions, small businesses and consumers, today reported record fourth quarter and annual financial results for 2016.

Sales for the fourth quarter of 2016 increased 32.5% to $1,058.4 million, compared to $798.8 million for the fourth quarter of 2015, with 4.0% organic growth, 2.1% negative currency translation impact and 30.6% acquisition-related growth, primarily driven by the May 13, 2016 acquisition of Checkpoint Systems, Inc. ("Checkpoint").

Operating income(1) for the fourth quarter of 2016 was $160.6 million, an increase of 31.0% compared to $122.6 million for the comparable quarter of 2015. Excluding the impact of currency translation operating income improved 33.8%.

Restructuring and other items of $6.7 million ($6.4 million after tax) was reported for the fourth quarter of 2016. This consisted of severance costs of $4.7 million and $2.5 million for the Checkpoint and Worldmark acquisitions, respectively, as well as other acquisition related transaction costs of $1.5 million partially offset by a reversal of the Avery Segment acquisition accrual of $2.0 million due to the repurposing of the Meridian, Mississippi facility as a distribution centre. There was a net expense for restructuring and other items of $4.2 million ($3.7 million after tax) in the 2015 fourth quarter.

Tax expense in the fourth quarter of 2016 was $33.6 million compared to $27.8 million in the prior year period. The effective tax rates for these two periods were 25.7% and 28.4%, respectively. The decrease in the effective tax rate can be attributed to the recognition of previously unrecognized deferred tax assets and other discrete tax deductions partially offset by an increase in taxable income in higher taxed jurisdictions. The net impact of these fourth quarter adjustments was an approximate $3.5 million reduction in tax expense or $0.10 per class B share.

Net earnings were $98.3 million for the 2016 fourth quarter compared to $71.9 million for the 2015 fourth quarter. Basic and adjusted basic earnings per Class B share(3) were $2.80 and a record $2.98, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $2.05 and $2.16, respectively, in the prior year fourth quarter.

For 2016, sales, operating income and net earnings improved 30.8%, 21.5% and 17.4% to $3,974.7 million, $603.3 million and $346.3 million, respectively, compared to 2015. Included in the 2016 annual results was a $33.9 million non-cash acquisition accounting adjustment to the acquired finished goods inventory from the Checkpoint and Worldmark businesses that was expensed in the Company's cost of goods sold for the period. Excluding this non-cash adjustment, operating income was $637.2 million and improved 28.3% compared to 2015. 2016 included results from fourteen acquisitions completed since January 1, 2015, delivering acquisition-related sales growth for the period of 25.5%. Organic sales growth of 4.0% provided the foundation for solid profit improvement and foreign currency translation added $0.07 per share. For 2016, basic and adjusted basic earnings per Class B share(3) were $9.90 and $11.41, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $8.50 and $8.61, respectively for 2015.

Geoffrey T. Martin, President and Chief Executive Officer, commented, "Record fourth quarter results were underpinned by strong performance in our core businesses and a second consecutive quarter of solid performance at Checkpoint. CCL Label posted robust 6.9% organic growth with profit gains broad based by business and geography augmented by recent acquisitions. Avery continued to expand operating margins despite tough conditions in North America driven by office superstore closures while CCL Container had a strong finish to a record year."

Mr. Martin added, "Although Checkpoint's last two quarters are the seasonally strongest of the year, results were still better than expected as cost savings kicked in faster than anticipated. The coming first quarter has traditionally been loss making for Checkpoint in the low 'sale season' for retailers. So far, $20.7 million of reorganization costs have been recorded of an expected $30.0 million total, recently reduced from $40.0 million. We expect this to yield at least $40.0 million in annualized savings, likely delivering earlier than the previously indicated 2018."

Mr. Martin continued, "Foreign currency translation reduced earnings $0.06 per share for the quarter, largely driven by the slightly lower U.S. dollar and euro and the significant devaluations of the Mexican peso and U.K. pound compared to the exchange rates in effect at the end of 2015. At today's Canadian dollar exchange rates, currency translation would remain a modest headwind for the first quarter of 2017, if sustained."

Mr. Martin concluded, "Late last year we announced the acquisition of Innovia for $1.13 billion. Closing prerequisites are in place so we expect the transaction to complete in the first quarter. Our balance sheet and liquidity positions are strong with a net leverage ratio(4) declining in the quarter to a conservative 1.3 times EBITDA at the end of the year, cash-on-hand of $585 million, undrawn capacity of US$631.1 million on our syndicated revolving credit facility and a US$450 million term loan committed, contingent on the closing of the Innovia transaction. Given the Company's strong financial performance in 2016, outlook and expected strong free cash flow for 2017, the Board of Directors declared a 15% increase in the dividend to $0.575 per Class B non-voting share and $0.5625 per Class A voting share dividend, payable to shareholders of record at the close of business on March 17, 2017, to be paid on March 31, 2017."

Fourth Quarter 2016 Segment Highlights

CCL Label

  • Sales increased 14.2% to $632 million, with 6.9% organic growth, 9.4% acquisitions and 2.1% negative currency translation
  • Regional organic sales growth: mid-single digit in North America and Europe, high single digit in Asia Pacific and strong double digit in Latin America
  • Solid 14.4% operating margin(1) diluted 30 bps by the impact of acquisitions
  • Label joint ventures added $0.05 earnings per Class B share

Avery

  • Sales were $181 million, 4.8% organic sales decline, 1.5% negative currency translation partially offset by a 0.7% increase from acquisitions
  • Office superstore closures impacted demand in North America, International up modestly
  • Operating margin(1) expanded 170 bps to 19.7%. Results improved 6.2% excluding the impact of currency translation and acquisitions.

Checkpoint

  • $191 million sales met expectations for the retail high season
  • Operating income(1) of $27.3 million, better than expected 14.3% operating margin
  • Additional $4.7 million of restructuring recorded for the quarter

CCL Container

  • Sales increased 1.3% to $55 million with 5.5% organic sales growth partially offset by 4.2% negative currency translation
  • Operating income(1) of $7.1 million, operating margin expanded 130 bps to 12.9%
  • Start-up losses at the Rheinfelden Americas aluminum slug joint venture reduced earnings by $0.01 per Class B share

CCL will hold a conference call at 8:00 a.m. EST on February 23, 2017, to discuss these results. The analyst presentation will be posted on the Company's website.

To access this call, please dial:

416-340-2219 - Local
1-866-225-0198 - Toll Free

Audio replay service will be available from February 23, 2017, at 10:00 a.m. EST until March 26, 2017, at 11:59 p.m. EDT.

To access Conference Replay, please dial:

905-694-9451 - Local
1-800-408-3053 - Toll Free
Access Code: 2928302

Forward-looking Statements

This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as "forward-looking statements"), as defined under applicable securities laws, 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 anticipated growth in sales, income and profitability of the Company's segments; and the Company's expectations regarding general business and economic conditions.

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; 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 the Company's 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: global economic recovery and higher consumer spending; improved customer demand for the Company's products; continued historical growth trends, market growth in specific sectors and entering into new sectors; 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; the Company's estimated annual cost reductions from the restructuring of the Checkpoint Systems, Inc. acquisition; the expected closing of the Innovia acquisition and financial impact; and economic conditions. Should one or more risks materialize or should any assumptions 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 in the 2015 Annual Report, Management's Discussion and Analysis, particularly under Section 4: "Risks and Uncertainties." CCL's annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request.

Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on CCL's business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.

The financial information presented herein has been prepared on the basis of IFRS for financial statements and is expressed in Canadian dollars unless otherwise stated.

Financial Information

 
CCL Industries Inc.
Consolidated statements of financial position
Unaudited
 
In thousands of Canadian dollars       
   As at December 31, 2016   As at December 31, 2015
Assets         
Current assets         
 Cash and cash equivalents  $585,077   $405,692
 Trade and other receivables   672,253    524,621
 Inventories   351,480    260,600
 Prepaid expenses   25,760    20,562
 Income taxes recoverable   26,231    18,389
 Derivative instruments   68    -
Total current assets   1,660,869    1,229,864
Non-current assets         
 Property, plant and equipment   1,216,946    1,085,506
 Goodwill   1,131,784    876,838
 Intangible assets   549,604    285,340
 Deferred tax assets   21,177    12,293
 Equity accounted investments   64,057    61,502
 Other assets   34,404    30,962
Total non-current assets   3,017,972    2,352,441
Total assets  $4,678,841   $3,582,305
Liabilities         
Current liabilities         
 Trade and other payables  $844,510   $710,999
 Current portion of long-term debt   4,213    167,103
 Income taxes payable   58,301    33,652
 Derivative instruments   -    1,095
Total current liabilities   907,024    912,849
Non-current liabilities         
 Long-term debt   1,597,080    838,416
 Deferred tax liabilities   67,825    59,860
 Employee benefits   279,228    135,216
 Provisions and other long-term liabilities   52,484    13,833
 Derivative instruments   -    253
Total non-current liabilities   1,996,617    1,047,578
Total liabilities   2,903,641    1,960,427
Equity         
 Share capital   261,352    276,882
 Contributed surplus   64,234    50,584
 Retained earnings   1,450,495    1,182,686
 Accumulated other comprehensive income   (881 )  111,726
Total equity   1,775,200    1,621,878
Total liabilities and equity  $4,678,841   $3,582,305
          
 
CCL Industries Inc.
Consolidated income statements
Unaudited
      
   Three Months Ended December 31    Twelve Months Ended December 31  
                  
In thousands of Canadian dollars, except per share information  2016   2015   2016   2015
 
                      
Sales  $1,058,449   $798,841   $3,974,749   $3,039,112  
                      
Cost of sales   735,866    569,676    2,806,853    2,179,694  
                      
Gross profit   322,583    229,165    1,167,896    859,418  
                     
Selling, general and administrative expenses  173,042    120,062
   612,825
   415,086  
                      
Restructuring and other items   6,757    4,219    34,637    6,023  
                      
Earnings in equity accounted investments  (1,279 )  (1,614
)  (4,528
)  (3,477 )
                      
    144,063    106,498    524,962    441,786  
                      
Finance cost   13,719    7,700    41,772    28,172  
                      
Finance income   (1,494 )  (925 )  (3,853 )  (2,535 )
                      
Net finance cost   12,225    6,775    37,919    25,637  
                      
Earnings before income tax   131,838    99,723    487,043    416,149  
                      
Income tax expense   33,507    27,853    140,734    121,071  
                      
Net earnings  $98,331   $71,870   $346,309   $295,078  
                      
Attributable to:                     
                      
 Shareholders of the Company  $98,331   $71,870   $346,753   $295,078  
 Non-controlling interest   -    -    (444 )  -  
                      
Net earnings  $98,331   $71,870   $346,309   $295,078  
                      
Earnings per share                     
                      
Basic earnings per Class B share  $2.80   $2.05   $9.90   $8.50  
                      
Diluted earnings per Class B share  $2.76   $2.03   $9.77   $8.38  
                    
                      
 
CCL Industries Inc.
Consolidated statements of cash flows
Unaudited
       
   Three Months Ended December 31   Twelve Months Ended December 31  
          
In thousands of Canadian dollars  2016   2015   2016   2015  
                    
Cash provided by (used for)                   
                 
Operating activities                   
                 
Net earnings  $98,331   $71,870   $346,309   $295,078  
                      
Adjustments for:                     
 Depreciation and amortization   54,801    44,101    203,692    164,081  
 Earnings in equity accounted investments, net of dividends received   (1,279 )  (1,614 )  (1,722 )  (618 )
 Net finance costs   12,225    6,775    37,919    25,637  
 Current income tax expense   20,536    17,915    125,928    121,677  
 Deferred taxes   12,971    9,938    14,806    (606 )
 Equity-settled share-based payment transactions  3,861    1,077    15,381    8,425  
 Gain on sale of property, plant and equipment  (238 )  (1,906 )  (1,444 )  (2,863 )
                  
   201,208
   148,156
   740,869
   610,811
 
                 
 Change in inventories   35,944    (6,008 )  61,380    (38,268 )
 Change in trade and other receivables   62,042    32,960    22,834    (83,103 )
 Change in prepaid expenses   3,966    4,603    (4,346 )  (225 )
 Change in trade and other payables   (221 )  63,651    (100,148 )  129,445  
 Change in income taxes receivable and payable  (5,375 )  (5,984 )  (2,471 )  (6,608 )
 Change in employee benefits   3,799    (26,439 )  16,633    (3,378 )
 Change in other assets and liabilities   (3,519 )  16,742    (9,895 )  2,827  
                      
    297,844    227,681    724,856    611,501  
                 
Net interest paid   (2,970 )  (1,479 )  (35,991 )  (23,909 )
Income taxes paid   (40,751 )  (44,721 )  (124,829 )  (112,332 )
                      
                      
Cash provided by operating activities   254,123    181,481    564,036    475,260  
                    
Financing activities                   
                    
Proceeds on issuance of long-term debt   (2,880 )  268,795    835,194    324,610  
Repayment of debt   (69,913 )  (1,612 )  (302,219 )  (99,845 )
Proceeds from issuance of shares   -    5,556    5,614    18,316  
Purchase of shares held in trust   -    -    (28,836 )  -  
Dividends paid   (17,565 )  (13,131 )  (70,174 )  (52,296 )
                      
                      
Cash provided by (used for) financing activities   (90,358 )  259,608    439,579    190,785  
                      
Investing activities                     
                      
Additions to property, plant and equipment   (33,911 )  (41,814 )  (234,663 )  (172,214 )
Proceeds on disposal of property, plant and equipment  2,662    5,019    9,331    17,595  
Business acquisitions and other long-term investments  (2,762 )  (310,247 )  (571,482 )  (356,703 )
                      
                      
Cash used for investing activities   (34,011 )  (347,042 )  (796,814 )  (511,322 )
                      
Net increase in cash and cash equivalents   129,754    94,047    206,801    154,723  
Cash and cash equivalents at beginning of period  458,297    298,757    405,692    221,873  
Translation adjustments on cash and cash equivalents  (2,974 )  12,888    (27,416 )  29,096  
                      
                      
Cash and cash equivalents at end of the period  $585,077   $405,692   $585,077   $405,692  
                      

CCL Industries Inc.
Segment Information
Unaudited

In thousands of Canadian dollars

          
   Three Months Ended December 31   Twelve Months Ended December 31  
   Sales  Operating income   Sales  Operating income  
   2016  2015  2016   2015   2016  2015  2016   2015  
Label  $631,794  $553,093  $90,686   $81,847   $2,497,592  $2,030,322  $378,028   $317,252  
Avery   180,578   191,246   35,457    34,384    787,727   782,686   166,732    152,753  
Checkpoint   190,869   -   27,369    -    458,999   -   28,204    -  
Container   55,208   54,502   7,056    6,328    230,431   226,104   30,290    26,593  
Total operations  $1,058,449  $798,841   160,568   $122,559   $3,974,749  $3,039,112   603,254    496,598  
                                      
Corporate expense           (11,027 )  (13,456 )          (48,183 )  (52,266 )
Restructuring and other items         (6,757 )  (4,219 )          (34,637 )  (6,023 )
Earnings in equity accounted investments         1,279    1,614            4,528    3,477  
Finance cost           (13,719 )  (7,700 )          (41,772 )  (28,172 )
Finance income           1,494    925            3,853    2,535  
Income tax expense          (33,507 )  (27,853 )          (140,734 )  (121,071 )
Net earnings          $98,331   $71,870           $346,309   $295,078  
                                      
                
   Total assets        Total liabilities  Depreciation and amortization  Capital expenditures
                   
   2016  2015  2016  2015  2016  2015  2016  2015
                                 
Label  $2,451,904  $2,285,169  $639,546  $596,902  $152,603  $132,796  $194,754  $145,974
Avery   566,569   615,893   201,274   230,293   16,105   15,123   16,229   13,765
Checkpoint   935,802   -   441,817   -   18,702   -   5,892   -
Container   156,114   173,688   42,266   50,929   15,305   15,191   17,788   12,475
Equity accounted investments   64,057   61,502   -   -   -   -   -   -
Corporate   504,395   446,053   1,578,738   1,082,303   977   971   -   -
Total  $4,678,841  $3,582,305  $2,903,641  $1,960,427  $203,692  $164,081  $234,663  $172,214
                                 

Non-IFRS Measures

(1) Operating income and operating income margin are key non-IFRS financial measures used to assist in understanding the profitability of the Company's business units. Operating income is defined as earnings before corporate expenses, net finance cost, goodwill impairment loss, earnings in equity accounted investments, restructuring and other items, and taxes. Operating income margin is defined as operating income over sales.

(2) EBITDA is a critical non-IFRS financial measure used extensively in the packaging industry and other industries to assist in understanding and measuring operating results. EBITDA is also considered as a proxy for cash flow and a facilitator for business valuations. This non-IFRS financial measure is defined as earnings before net finance cost, taxes, depreciation and amortization, goodwill impairment loss, non-cash acquisition accounting adjustments to finished goods inventory, earnings in equity accounted investments and restructuring and other items. Calculations are provided below to reconcile operating income to EBITDA. The Company believes that this is an important measure as it allows management to assess CCL's ongoing business without the impact of net finance cost, depreciation and amortization and income tax expenses, as well as non-operating factors and one-time items. As a proxy for cash flow, it is intended to indicate CCL's ability to incur or service debt and to invest in property, plant and equipment, and it allows management to compare CCL's business to those of CCL's peers and competitors who may have different capital or organizational structures. EBITDA is tracked by financial analysts and investors to evaluate financial performance and is a key metric in business valuations. EBITDA is considered an important measure by lenders to the Company and is included in the financial covenants of CCL's senior notes and bank lines of credit.

Reconciliation of operating income to EBITDA
 
Unaudited
(In millions of Canadian dollars)              
           
   Three months ended December 31
  Twelve months ended December 31  
Sales  2016   2015   2016   2015
 
Label  $631.8   $553.1   $2,497.6   $2,030.3  
Avery   180.5    191.2    787.7    782.7  
Checkpoint   190.9    -    459.0    -  
Container   55.2    54.5    230.4    226.1  
Total sales  $1,058.4   $798.8   $3,974.7   $3,039.1  
Operating income
                    
                      
Label  $90.7   $81.9   $378.0   $317.2  
                      
Avery   35.5    34.4    166.8    152.8  
                      
Checkpoint   27.3    -    28.2    -  
                      
Container   7.1    6.3    30.3    26.6  
                      
Total operating income   160.6    122.6    603.3    496.6  
                      
Less: Corporate expenses   (11.0 )  (13.5 )  (48.2 )  (52.3 )
                      
Add: Depreciation & amortization   54.7    44.1    203.7    164.1  
                      
Add: Non-cash acquisition accounting adjustment to finished goods inventory   -    -    33.9    -  
                      
EBITDA  $204.3   $153.2   $792.7   $608.4  
                      

(3) Adjusted basic earnings per Class B share is an important non-IFRS measure to assist in understanding the ongoing earnings performance of the Company excluding items of a one-time or non-recurring nature. It is not considered a substitute for basic net earnings per Class B share but it does provide additional insight into the ongoing financial results of the Company. This non-IFRS financial measure is defined as basic net earnings per Class B share excluding gains on business dispositions, goodwill impairment loss, non-cash acquisition accounting adjustments to finished goods inventory, restructuring and other items, and tax adjustments.

 
Reconciliation of Basic Earnings per Class B Share to
Adjusted Basic Earnings per Class B Share
 
Unaudited
       
   
Three months ended December 31
 
Twelve months ended December 31
             
   2016  2015  2016  2015
Basic earnings per Class B Share  $2.80  $2.05  $9.90  $8.50
Net loss from restructuring and other items  0.18  0.11  0.79  0.11
Non-cash acquisition accounting adjustment related to finished goods inventory  -  -  0.72  -
             
Adjusted Basic Earnings per Class B Share  $2.98  $2.16  $11.41  $8.61
             

(4) Leverage ratio is a measure that indicates the Company's ability to service its existing debt. Leverage ratio is calculated as net debt divided by EBITDA.

For the years ended December 31  2016   2015  
Unaudited 
        
(In millions of Canadian dollars)         
         
Current debt  $  4.2   $167.1 
Long-term debt   1,597.1    838.4  
Total debt  $1,601.3   $1,005.5  
Cash and cash equivalents   (585.1 )  (405.7 )
Net debt  $1,016.2   $599.8  
EBITDA for 12 months ending December 31,  $792.7   $608.4  
Leverage Ratio   1.28    0.99  
            

Supplemental Financial Information

Sales Change Analysis

Revenue Growth Rates (%)            
               
Three Months Ended December 31, 2016 Twelve Months Ended December 31, 2016
  Organic Acquisition FX   Organic Acquisition FX  
  Growth Growth Translation Total Growth Growth Translation Total
                 
                 
Label 6.9% 9.4% (2.1%) 14.2% 7.2% 14.7% 1.1% 23.0%
Avery (4.8%) 0.7% (1.5%) (5.6%) (4.1%) 2.2% 2.5% 0.6%
Checkpoint 0.0% 100% 0.0% 100% 0.0% 100% 0.0% 100%
Container 5.5% 0.0% (4.2%) 1.3% 3.4% 0.0% (1.5%) 1.9%
CCL 4.0% 30.6% (2.1%) 32.5% 4.0% 25.5% 1.3% 30.8%
                 
                 

Business Description

CCL Industries employs almost 19,000 people operating 146 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.

Contact Information

  • For more information on CCL, visit our website - www.cclind.com or contact:
    Sean Washchuk
    Senior Vice President and Chief Financial Officer
    416-756-8526