Canada's CCL bids $1.13B for British polymer-banknote rival Innovia
Toronto-based CCL Industries Inc. will pay $1.13 billion to buy its British rival Innovia in a bid to become one of the the world's biggest makers of polymer banknotes.
The Toronto-based company announced the friendly deal on Tuesday, a move that would add Innovia's expected $570 million in revenue into CCL's, which is expected to be in excess of $5 billion next year.
Innovia has facilities in the UK, Australia and Mexico which make polymer banknotes like the ones used in Canada and many other countries.
Such banknotes last longer and are more secure than conventional paper bills.
"This transaction is another transformative acquisition for CCL, propelling the company to world leadership in the disruptive, fast growing polymer banknote market," CCL president Geoffrey Martin said.