Toronto-based CCL industries has just reported its financial results for the third quarter 2013 which saw it grow its sales 91.6 percent to a record $606.6 million. The majority of this growth is attributed to its acquisitions of Avery Dennison Labels and INT Autotechnik.
Operating income for the quarter was $67.8 million, an improvement of 72.5 percent compared to $39.3 million for the same period in 2012.
"We are very pleased with the performance of our newly acquired businesses, which contributed significantly to our twelfth consecutive period of year-over-year improvement in quarterly adjusted earnings per share; a record for the Company," said Geoffrey T. Martin, President and Chief Executive Officer. "CCL Label legacy operations also delivered five percent organic sales growth."
Martin went on to say that the CCL Container division posted a small drop in sales and profitability due to a slow sun care season in the U.S. and a loss in the Canadian operations. The North American label operations in general were down “single-digits” when compared to a strong quarter in 2012 while Latin America and Asia Pacific markets posted double digit sales and profit improvements.
CCL Industries employs approximately 9,600 people and operates 87 production facilities in 25 countries across five continents. They are the world's largest converter of pressure sensitive and extruded film materials.
Acquisitions Lead to Massive Growth for CCL
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