CCL Industries (Toronto, Ontario), a world leader in specialty label and packaging solutions for global corporations, small businesses and consumer, has signed an agreement to build a $20 million manufacturing plant for in-mold-labels (IML) in Memphis, TN, with Korsini, a leading European IML producer in Izmir, Turkey. The partners will each have a 50% stake in the new company, which is expected to be up and running by mid-2016, trading as CCL-Korsini.
|CCL Industries' specialty packaging.|
Guenther Birkner, President of CCL Label's Food & Beverage business said, "IML for injection molded containers was successfully introduced in Europe some years ago and we now see a similar development in this rapidly growing decoration technology in North America. Korsini is an advanced technology partner already servicing injection molded container customers in North America with products exported from Turkey. Our role in the venture is to support local manufacturing, provide market access to brand owner customers and manage administration."
Enrico Corsini, President & CEO and significant shareholder in Korsini added, "CCL is the world's largest label company with extensive presence in North America, which has become our fastest growing export market. Contributing our technical expertise to manufacturing while controlling injection molded container customer relationships will ensure we get the new venture rapidly established and take a very strong market position."
Geoffrey T. Martin, President & CEO of CCL concluded, "This is an important addition to our fast growing Food & Beverage business. CCL will oversee the construction of a new 70,000-square-foot facility immediately adjacent to our Specialty label operation in Memphis where the venture will be based."