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Article: Portuguese group RAR buys out JV partner.(News)
- Article from:
- Plastics News
- Article date:
- October 22, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Portuguese conglomerate RAR Sociedade de Controle (Holding) SA will buy out the 40 percent stake of its Canadian partner, CCL Industries Inc., in their European packaging joint venture, ColepCCL Embalagens e Enchimentos SA.
Toronto-based CCL Industries, a specialty packaging and labels group, agreed to sell its share in the pan-European venture to RAR of Oporto, Portugal, for 100 million euros ($142 million) cash. The deal is due to be completed by the end of November.
RAR said it is considering seeking new partners "to add value to ColepCCL's development.'' The Portuguese group said it is focused on expansion in areas of potential growth.
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...Toronto, Canada-based packaging company CCL Industries entered the private placement market last week, seeking ... and 10-year bullets, according to market sources. CCL Industries, founded in 1951, operates three lines of business ...
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