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Constantia Flexibles has signed an agreement to sell its Labels division to Multi- Color Corporation (“Multi-Color”) for an enterprise value of approximately €1.15 billion ($1.3 billion). The transaction is expected to be completed in the fourth quarter of 2017, subject to regulatory approvals.

On completion of the transaction, Constantia Flexibles will hold 16.6% of Multi-Color’s outstanding shares, thereby becoming its largest shareholder. Two representatives of Constantia Flexibles will join Multi-Color’s Board of Directors.

Constantia Labels is a global supplier of labels to the beverage, food and home as well as personal care industries (HPC), with long-standing customer relationships with leading brands. It has 23 plants in 14 countries and has roughly 2,800 employees. The Labels division achieved sales of 605 million euro in 2016. Established in 1916, Cincinnati, Ohio-based Multi-Color is one of the largest label companies in the world serving some of the most prominent brands in the following market segments: Healthcare, HPC, Food & Beverage, Specialty (Automotive & Consumer Durables), and Wine & Spirits. With approximately 5,500 employees, it operates 45 manufacturing facilities worldwide. Multi-Color achieved sales of $923 million in fiscal year 2017.

This value-creating transaction will bring together Constantia Labels’ leading food and beverage business with Multi-Color’s strong wine and spirits and home & personal care platforms. It will also widen the joint Group’s geographical footprint and create long-term synergies that will benefit all parties involved. Mike Henry, current EVP Constantia Labels, will become CEO-elect of Multi-Color, and will work closely with the current CEO Vadis Rodato, who will retire in early 2018 after a transition period. Nigel Vinecombe will remain in his current role as Executive Chairman of Multi-Color. After completion of the transaction, Multi-Color will generate pro forma sales of roughly $1.6 billion and EBITDA of $300 million.

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