Constantia Flexibles completes sale of labels division to Multi-Color
Constantia Flexibles (cflex.com) has successfully completed the sale of its Labels division to Multi-Color Corporation (mcclabel.com). Constantia Flexibles will continue to participate in the future success story of Multi-Color through a 16.6% shareholding.
The transaction brings together the high-performing food and beverage business of Constantia Flexibles’ labels division with Multi-Color’s strong wine & spirit and home & personal care platforms, as well as an emerging global position in healthcare. The combined annual revenues of the two businesses will be approximately $1.7 billion.
“We would like to thank all employees of the Labels division for their tremendous contributions to our Group in the past and wish them a successful future as part of Multi-Color. Constantia Flexibles will use the proceeds from the transaction to deleverage its balance sheet and enable further acquisitions in the dynamic and consolidating flexible packaging industry. We will also focus on innovative products and services, as well as new technologies to strengthen our existing Food and Pharma businesses," says Alexander Baumgartner, CEO of Constantia Flexibles.