TORONTO, ONTARIO--(Marketwire - Mar 21, 2013) - CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B), a world leader in the development of labelling solutions and speciality packaging for the consumer products and healthcare industries, announced today that it intends to commence a normal course issuer bid ("the Bid") to acquire up to 10,000 of its outstanding Class A voting shares and 2,100,000 Class B non-voting shares, being approximately 8.0% of the public float of the Class A voting shares and approximately 8.3% of the public float of the Class B non-voting shares.
As at March 19, 2013, CCL had 2,369,025 Class A shares and 31,823,621 Class B shares issued and outstanding. All purchases will be made through the facilities of the Toronto Stock Exchange or other Canadian marketplaces and in accordance with the rules of the Toronto Stock Exchange. All shares purchased will be cancelled. Except where reliance is placed on the Exchange''s block purchase exemption, the maximum number of shares that could be purchased under the Bid on any trading day will be limited to 1,000 Class A voting shares and 10,205 Class B non-voting shares. The average daily trading volumes on the Toronto Stock Exchange for the six-month period ended February 28, 2013 were 27 Class A voting shares and 40,821 Class B non-voting shares. There were no purchases made under CCL Industries'' 2012/2013 normal course issuer bid.
The Bid will commence on March 25, 2013, and end no later than March 24, 2014. CCL''s management believe that such purchases are an appropriate and desirable use of available funds.
With headquarters in Toronto, Canada, CCL Industries now employs approximately 6,600 people and operates 74 production facilities globally located to meet the sourcing needs of large international customers. CCL Label is the world''s largest converter of pressure sensitive and film materials for label applications and sells to leading global customers in the consumer packaging, healthcare, automotive and consumer durable markets. CCL Container and CCL Tube are leading producers of aluminum aerosol cans, bottles and extruded plastic tubes for consumer packaged goods customers in the United States, Canada and Mexico.
This press release contains forward-looking information and forward-looking statements, as defined under applicable securities laws, (hereinafter collectively referred to as "forward-looking statements") that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the evolving global financial crisis and its impact on the world economy and capital markets; the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and CCL''s ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company''s actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: global economic recovery and higher consumer spending; improved customer demand for the Company''s products; continued historical growth trends, market growth in specific segments and entering into new segments; the Company''s ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company''s focused strategies and operational approach; the achievement of the Company''s plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; the Company''s continued relations with its customers; and general business and economic conditions. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements. Further details on key risks can be found in the MD&A section of CCL''s 2012 Annual Report, particularly under Section 4: "Risks and Uncertainties."
CCL''s annual and quarterly reports can be found online at www.cclind.com and www.sedar.com or are available upon request. Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on CCL''s business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.
For more details on CCL, visit our website - www.cclind.com.
- Investment & Company Information
- Toronto Stock Exchange
- CCL Industries
Senior Vice President and Chief Financial Officer