2008 ccl investors' day presentation (lite)
TRANSCRIPT
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CCL Industries Inc. Investors Day
Donald G. Lang Executive Chairman
September 23, 2008
CCL Industries Inc.
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Disclaimer
Any forward-looking statements contained in this presentation, including statements relatingto the outlook of CCL Industries Inc.s various divisions and products and CCLs growth andexpansion plans, involve risks, uncertainties and assumptions and should not be taken asguarantees of future performance. A number of factors could cause actual results,performance or achievements to vary materially from those anticipated in forward-lookingstatements, including: general economic and business conditions and specific conditions
affecting the sector in which CCL operates, including pricing pressures; CCLs ability toattract and retain its customer base; technological change; competition; changes in, orfailure to comply with, existing government regulations or failure to obtain required permitsor licenses; changes in business strategy or development plans; risks associated withoperating and product hazards; the ability to attract and retain qualified personnel; andother factors. The forgoing list of factors is not exhaustive of the factors that may affect theactual outcome of events that are the subject of forward-looking statements.
Unless noted otherwise, all amounts are expressed in Canadian dollars.
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In Attendance
Donald Lang
Geoff Martin
Steve Lancaster
Gnther Birkner
Robert Ryckman
Jan Wade
Executive Chairman
President & CEO
Executive VP and Acting CFO
Group VP, Food & Beverage, CCL Label Worldwide
VP, Sales & Marketing, CCL Label Healthcare Worldwide
Senior VP, Human Resources & Corporate Communications
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Agenda
7:30 - 8:00 a.m.
8:00 - 8:15 a.m.
8:15 - 8:35 a.m.
8:35 - 9:35 a.m.
9:35 - 9:45 a.m.
9:45 - 10:10 a.m.
10:10 - 10:35 a.m.
10:35 - 11:00 a.m.
Continental breakfast, registration/sign-in
Welcome & Introduction
Financials
Introduction to Operations
CCL Container
CCL Tube
CCL Label Introduction and Home& Personal Care
Break
CCL Label Healthcare
CCL Label Food & Beverage
CCL Label Specialty Products and Wrap-up
D. Lang
S. Lancaster
G. Martin
R. Ryckman
G. Birkner
G. Martin
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Todays Objectives
General business update
Short-term operating tactics and growth opportunities
Longer-term strategic plans
Open informal dialogue
Presentations:
5 presenters with time for questions at the endof each presentation or as necessary, allowing
for more informal dialogue microphone to be used for all presentations & questions
to ensure clarity for the live webcast
target finishing by 11 a.m. including a break
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CCL At A Glance
World-class Specialty Packaging company headquartered in Toronto
3 divisions: Label, Container and Tube
56 locations in 17 countries
5,500 employees
2007 financial summary excluding discontinued operations
$1,144 million in sales, $207 million of EBITDA and $131 million in EBIT
ITWs sleeve label business acquisition (completed January 2007),added sales exceeding expectations of $90 million and EBIT of $15 million
Entered Durables market with CD-Design acquisition in Germany (completed
January 2008) purchased for $10 million plus contingent consideration of $4.5million at the end of 2008
Significantly expanded our wine label business and market with acquisition ofClear Image in Australia (completed April 2008) purchased for $34 million
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CCL At A Glance
TSX: CCL.B and CCL.A (September 12, 2008) Market cap. $1,066 million
Dividend yield 1.7%
6 year stock investment appreciation (Dec. 2001 to Dec. 2007) of 291%
Net Debt/Cap. approximately 32% (June 30, 2008)
68%Equity
32%Net Debt
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CCL At A Glance A Global Player
2007 Total Sales$1,144 million
(12 months ended December 31, 2007)
U.S. &
Puerto Rico38%
Canada12%
Europe39%
Asia3%
Mexico &Brazil8%
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Comparable Company Analysis(US$M unless stated otherwise)
StockSymbol
EBITMargin
EnterpriseValue Sales
EBITDAMargin
Net Debt/EBITDA
Net Debt/Capital
CCL* CCL.B C$1422 C$1132 18.2% 11.4% 1.7x 28.8%
Avery 14.4% 10.4% 2.3x 50.0%
Aptar ATR $2808 $2053 17.5% 11.1% 0.2x 4.5%
Brady BRC $2133 $1489 17.8% 13.8% 1.0x 18.1%
Bemis BMS $3581 $3746 12.0% 7.6% 1.5x 26.8%
Pactiv PTV $5058 $3507 18.5% 13.3% 2.3x 51.2%
Sealed Air SEE $5348 $4867 14.5% 11.0% 2.0x 36.7%
Winpak* WPK C$378 C$524 12.1% 6.9% 0.3x 4.6%
Cenveo 11.7% 8.4% 5.3x nm
Multi-Color 11.8% 8.2% n/a 47.3%
Median 14.4% 10.7% 1.7x 28.8%
AVY
CVO
LABL
$7283
$1881
$396
$6869
$2194
$237
MarketCap
C$1066
$2733
$1860
$2843
$3543
$3954
C$347
$4999
$512
$276
* TSX all others NYSE
Source: BMO Nesbitt Burns Estimates, Capital IQ, as of September 12, 2008
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Comparable Benchmarks: EV/EBITDA
Source: BMO Nesbitt Burns Estimates, Capital IQ, as of September 12, 2008
7.8x 8.1x 8.0x 7.8x 7.6x
6.0x
7.3x7.4x
6.9x
CCL Aptar Brady Bemis Pactiv Sealed
Air
Winpak Avery Cenveo Multi-
Color
Median = 7.6X
N/A
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Comparable Company Analysis: Price/Earnings
16.8 16.5 16.9 15.5
25.9
15.6
13.4
15.418.5
12.0
CCL Aptar Brady Bemis Pactiv Sealed
Air
Winpak Avery Cenveo Multi-
Color
Source: BMO Nesbitt Burns Estimates, Capital IQ, as of September 12, 2008
Median = 16.1X
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Comparable Company Analysis: Net Debt/Capital
Source: BMO Nesbitt Burns Estimates, Capital IQ, as of September 12, 2008
4.5%
18.1%
4.6%
28.8%
51.2%
36.7%
47.3%50.0%
26.8%
CCL Aptar Brady Bemis Pactiv Sealed
Air
Winpak Avery Cenveo Multi-
Color
Median = 28.8%
nm
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Comparable Company Analysis: NetDebt/EBITDA
1.0x
2.0x2.3x
1.1x
5.3x
1.5x
2.3x
0.2x 0.3x
1.7x1.9x
1.5x
5.2x
1.5x 1.4x 1.3x
2.1x
2.7x
CCL Aptar Brady Bemis Pactiv Sealed
Air
Winpak Avery Cenveo Multi-
Color
Source: BMO Nesbitt Burns Estimates, Capital IQ, as of September 12, 2008
LTM Q2 08
n/a
December 2001
nm
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Comparable Benchmark Takeaways
Aptar and Brady are good benchmarks forspecialty packaging companies
CCLs EBIT and EBITDA margins are at the median andhigh of the range, respectively
CCL is under leveraged but at the median of the range
CCLs capital plan funded by operating cash flowswill drive future EBITDA levels and ratios
CCL is undervalued relative to all benchmarks
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CCL Industries Inc.
Steven W. Lancaster, Executive Vice President and Acting CFO
September 23, 2008
CCL Industries Inc.
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First Half 2008 Financial Highlights
2008 sales up 3% excluding currency translation compared to a robust first half of 2007
Negative currency transactions impact: 5 cents per share; and negative currencytranslation impact: 10 cents per share
Excluding 15 cent currency impact, EPS excluding restructuring etc.was up a healthy 16%
20072008Continuing Operations Change
Sales $608M $620M (2)%
EPS as reported $1.60 $1.62 (1)%
EPS excluding restructuring & otheritems and favourable tax adj. $1.54 $1.46 +5%
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Impact of Changes In Exchange Rates
A continuous unfavourable effect on EPS but may be reversing with weaker C$
Negative Impact ofCurrency on EPS
2006 Actvs.
2005 Act
2005 Actvs.
2004 Act
2004 Actvs.
2003 Act
2003 Actvs.
2002 Act
1H 2008vs.
1 H 2007
2007 Actvs.
2006 Act
Currency translation $ 0.15 $ 0.11 $ 0.05 $ 0.12$ 0.10 -
Currency transactions $ 0.07 $ 0.09 $ 0.27 -$ 0.05 $ 0.09
Total Negative Impact $ 0.22 $ 0.20 $ 0.32 $ 0.12$ 0.15 $ 0.09
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EPS Growth 2005 to 2007 Continuing Operations
Significant operational improvements and accretive acquisitions
2005 2006 2007
$1.68$1.98
$2.48
Excluding Currency Impact
EPS per B Share before Restructuring & Other Items& Favourable Tax Adjustments
18% 31%25% 30%
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Strong Gross Cash Flow Generation From ContinuingOperations Despite Currency Impact
EBITDA ($M)
$111
$148
$176
$207
2004 2005 2006 2007
18%
31%
20%
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Capital Spending vs. Depreciation
Capex in 2008 expected to be $190 million
$71
$112 $112
$156$150
$163
2002 2003 2004 2005 2006 2007
$56$48 $47
$58$67
$76
2002 2003 2004 2005 2006 2007
Capex ($M) Depreciation ($M)and amortization
Note: Capex includes discontinued operations
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Working Capital Improvement
Working capital reduction program generated significant cash and is at a best-in-class level
Non-cash Working Capital DaysYears ended Dec. 31
*Excludes receivable on sale of ColepCCL
35
22
1517
7
2 (1)*
2001 2002 2003 2004 2005 2006 2007
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Strong Debt & Capital Structure
Net Debt ($M) Net Debt to Total BookCapitalization Ratio
$436
$366
$345$355
$282
$317$307
2001 2002 2003 2004 2005 2006 2007
Years ended Dec. 31
43.6%45.6% 45.2% 44.2%
33.3% 32.7%29.9%
2001 2002 2003 2004 2005 2006 2007
Years ended Dec. 31
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Current Net Debt $356M
A portion of some of these loans have been swapped into euros
$M CdnAs at June 30, 2008
Cash $ 104M
Long-Term Notes Amount Coupon Rate Repayment MaturityDebt:
2006 US$60M 5.29% Bullet Mar/11 61M
1997 US$ 47M 6.97% US$9.4M/yr Sep/12 $ 48M
1998 US$110M 6.90% 3 Bullets *Jul/10,13,18 112M
Total Debt $460M
Other 43M
2006 US$110M 5.57% Bullet Mar/16 112M
Term Bank Revolver max $95M 3.65% Revolver** Jan/13 84M
Net Debt $356M
* US$31M due in July 2010 ** extendible annually
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New Financing Pending
CCL has had substantial cash over the last decade and wants to maintainliquidity to be opportunistic
CCL went to the U.S. Private Placement market in late August toraise up to US$150M in 5 and 10 year notes
Market conditions deteriorated due to credit crunch However, CCL raised US$130M with 8 investors; 7 are prior lenders to CCL
Terms:
US$52M bullet 5 year @ 5.86%
US$78M bullet 10 year @ 6.62%
No material change in covenants (no EBITDA related tests) except investorscan put the notes back to the Company at par if there is a change of control
Closing anticipated on Sept. 24 and funding on Sept. 26
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$M CdnAs at June 30, 2008
Debt Capacity Additional
With new financing, there is further substantial debtcapacity and cash on hand to invest opportunistically
Target Net Debt at45% Debt:Total Capitalization $634M
Equity (at book) - $24.33 per share $ 775M
Current Net Debt $ 356M
Incremental Investment capacity at45% $ 278M
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Key Strategic Metrics
Earnings Per Share (EPS) growth of+10% per annum over timeexcluding one-time items (achieved 19% in 2006 and 2007)
Return on Equity (ROE) equal to leading specialty packaging peers12%-14% (13% in each of 2006 and 2007)
Debt rating BBB high (Investment Grade) Debt to capitalization of45% (currently 32%)
Net interest coverage to EBITDA, minimum 6xs (currently 10.3)
Maintain liquidity of $100M in cash or unused lines of credit
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Key Strategic Metrics
Working capital management maintain best-in-class performance(end of 2006 2 days and 2007 at (1) vs 35 days in 2001)
Dividends, 20%-25% EPS excluding unusual items (was 17% at Dec.2007 therefore increased dividend by 17% in March 2008 to achieve
metric range)
Reinvestment capex hurdle of+17% ROI
Divisional ROS >10% (2006 and 2007 12%)
Acquisitions Complementary and accretive in 1styear
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Questions??
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CCL Industries Inc.
Geoffrey T. Martin, President and CEO
September 23, 2008
CCL Industries Inc.
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2008 Estimated Sales by Division and Geography
Sales by Division$1.2B
Sales by Geography$1.2B
*Sales from products manufactured in Canada are 10%
Label82%
Tube
5%
Container13%
EmergingMarkets
12%
U.S. &
Canada*45%
WesternEurope
43%
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2008 Estimated Sales by Market
Home &Personal Care
40%
Specialty
15% Food &Beverage
25%
Healthcare
20%
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CCL Container
CCL Industries Inc.
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CCL Container Products
Aerosol Containers Aluminum Bottles
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CCL Container Markets
Household BeveragePersonal Care
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Our Manufacturing Process - Impact Extrusion
The slug isgravity fed
into die
1. 250 tons of force appliedthrough a mandrel
Punchextrudesaluminumand wall is
formed
2. Aluminum flows up thewall of the mandrel
Punchstroke ishalted,
maintainingrequired
bottom-endthickness
3. Completed cylinder
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Decoration and Finishing
4. Internal Spray Coating 5. Dry Offset Print 6. Neck Down
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CCL Container Strong Market Position
Focus on NAFTA region only
One of only two producers with approx 50% share
Main competitors are alternatives
Steel/Tin Plate Aerosols Plastic Trigger Sprays/Pumps
Coil-to-Can Aluminum Beverage Bottles
Specialty Glass & Plastic Bottles
Facilities in the U.S., Canada and Mexico (2)
87% of sales in the U.S.; balance in Mexico
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Canadian Plant: US$ Exchange Rate Headwind
$2.7$2.5
$1.9
$3.6
$0.0
$1.5
$3.0
$4.5
2004 2005 2006 2007
$1.00
$1.20
$1.40
US$ Operating Incomeimpact $ millions from
prior year
US$:C$Exchange Rate
US$:$C
US$ OI impact
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$1,000
$2,000
$3,000
$4,000
2004 20062005
Source: Reuters, 3 month LME spot price
Aluminum Cost Challenges
(US$/ton)
2008Aug.30
2007
$1,725 $1,900 $2,600
Average for year
$2,640 $2,860
$0
$4,000
$8,000
$12,000
Hedge Impact
Hedge Impact
LME spot price
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CCL Container Last Five Year Performance
0
5
10
15
20
2003 2004 2005 2006 2007
0
40
80
120
160
200
OI
Sales
2003 2004 2005 2006 2007
$83.5 $98.3 $123.4 $130.7 $137.0Investment
16.2% 14.0% 15.0% 11.2% 12.0%ROI
$M
Impact C$ Transactions $2.7 2.6 1.9 3.6
Sales $US MOI $US M
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CCL Container 2008 vs. 2007 YTD Performanceat June 30th
Factors impacting revenue
ABS Bag-on-Valve business sold in Q1 2008 = $2.2 million
Loss of Home Care contract in mid 2007 = $10 million
C$ Translation = $8 million based on virtually all customers purchases in US$
U.S. and Mexican operations performing well Weak performance in Penetanguishene
exchange rate impact: $2.3 million
Sales OI EBITDA Capex
2008 2007
$77.8
$96.6
$8.1 $11.5 $12.9$17.1 $11.4
$1.7
Note: excluding ABS business
$Millions
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Growing Profitability in Mexico
CCL Container Sales
Mexico
11%
Mexico
11%
CCL Container Operating Income
Mexico
1%
Mexico
25%
2003
2003
2007
2007
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New Plant in Guanajuato Mexico
Investment in Guanajuato will reach $35 million by year end
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CCL Container Mexico Strategy
Mexico City plant (older lines) focus on: Local aerosols sold to Mexican contract fillers and customers filling in
California, Texas, New Mexico and Arizona
Specialty containers with high labour content currently made in the U.S.
Guanajuato plant (new lines) focus on: High volume aerosols for key Global Customers
Bottles for Mexican Beverage Customers
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CCL Container Focus for 2008-2010
Continue to drive improvements in the US: service, innovation,productivity, pricing, leveraging cross-CCL customer relationships
Downsize and reduce cost in Canadian operation
Successful execution of Mexican strategy
2010 goal to reach 20% ROI, significant upside potentialonce US consumer spending returns to normal levels
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CCL Tube
CCL Industries Inc.
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CCL Tube Market Share
CCL15%
US$400Million
North AmericanExtruded Tube Market
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CCL Tube Customers
Focus on high-end decorated premium priced consumer brands
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CCL Tube Last Five Years Performance
$US M 2003 2004 2005 2006 2007
Sales 55.7 57.0 55.9 60.0 54.4
Operating Income 0.8 0.2 2.4 4.3 0.4
EBITDA 6.5 5.3 7.6 10.3 6.8
Capex 7.4 7.8 5.8 8.4 8.6
Cash Flow -1.5 -1.1 2.0 3.4 -1.7
Investment 88.3 84.4 77.4 75.4 79.4
Presented in $US as business is primarily U.S based
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CCL Tube 2008 vs. 2007 YTD Performanceat June 30th
Q3 & Q4 will be favourable due to weak 2nd half of 2007
Order levels good in market circumstances
Business returned to profit, but margins not at acceptable levels
Sales EBITDA
2008 2007
$30.9 $34.0
$3.8 $5.2
$M
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CCL Tube Los Angeles New More Efficient Facility
From this to this
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CCL Tube Focus 2008-2010
Successful relocation in Los Angeles
Merging U.S. sales team with CCL Label HPC groupto leverage relationships
Focus operations on service, decoration innovationand improving mix
Review small (but profitable) operation in Mexico
2010 objective: 10% ROI
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Questions??
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CCL Label
CCL Industries Inc.
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Three Label Markets
Variable Information Printing Bar Codes
Information Processing Applications
Packaging and Presentation Personal Care Premium Food and Beverage
Healthcare and Chemicals
Product Identification Automotive
Consumer Electronics: Computers,Cell Phones, Audio-Visual
Consumer Durables: White Goods
CCL Focus
CCL New Opportunity
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CCL Label Products Global Leadership
Pressure sensitive labels global leader
Expanded content labels global leader
Sleeves #2 globally
Niche player: In-mould labels Film wrap labels Paper cut & stack labels
Plus
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CCL Label Services
Brand Icons & creative development
Artwork and design management
Label supply chain & inventory management
Label application consulting
New development initiatives problem solving
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Asia Pacific Now Larger thanN. America and W. Europe
Global Packaging Market Trends
2005 2010
Rest of World
Source: Heidelberger Druckmaschinen - * Adjusted for price changes and currency fluctuations Base year 2004
billion
W. Europe
Asia Pacific
N. America
387
482
64
104
111
108
104
116
143
119
Largestmarket
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Global Packaging Market Trends
10 Fastest Growing Markets(2005-2010 CAGR)
Source: Pira 2005
14%
12% 12%
10% 10% 10% 9% 9% 8%8%
India Philippines Poland Taiwan Indonesia Brazil China Argentina Egypt Lithuania
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Global Label Market
Volume: 41 billion m2
Market Volume(2007)
Pressure Sensitive
labels39%
Sleeves/FilmWraps
9%
Cut andStack50%
In-mould
2%
Market Growth Rates(% p.a.)
Source: 2008 Global AWAreness Report, 2008/03
9%
6%
5%
3%Wet Glue
PressureSensitive
Labels
In-mould
Wraps/
Sleeves
Global Pressure Sensitive Label Market
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Global Pressure Sensitive Label MarketEmerging Markets Continue to RepresentBest Growth Opportunities
PS Label Market Volume(2007)
PS Label Market Growth Rates(% p.a.)
Source: 2008 Global AWAreness Report, 2008/03
Volume: 16 billion m2
N. America33%
Emg. AP12%
Dev. AP14%
Aus/NZ2%
E. Eur6%
S. Eur11%
N. Eur17%
L. America
5%8.0%
8.0%
14.7%
3.0%
2.6%
2.5%
1.9%
1.3%N. America
S. Europe
N. Europe
Dev. AP
Aus/NZ
L. America
E. Europe
Emg. AP
Asia biggest growth
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Industry Structure
Converters(Entrepreneurs/Consolidators)
Laminators & Film Extruders(Avery-Bemis-Mitsubishi)
Primary Materials(UPM-Dow-Shell-BASF)
Proximityto
Point of Use
Degree of Scale
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Mission
To be the global supply chain leader of innovativepremium package, and promotional, label solutions for the
worlds largest consumer and healthcare corporations
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CCL Label Main Engine for Growth
2002
$21.5
$36.3
2003
$34.8
$42.8
2004
$35.9
$64.2
2005
$79.2
$92.2
2006
$88.5
$131.7
2007
$121.0
$167.3
Capex
EBITDA
$0
$40
$80
$120
2002 2003 2004 2005 2006 2007 $0
$250
$500
$750
$1,000
OI
Sales
OI (US$M) Sales (US$M)
$M
CCL L b l 2008 2007 YTD P f
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CCL Label 2008 vs 2007 YTD Performanceat June 30th
Soft HPC market in the U.S. and Western Europe
Strong Results from Healthcare & Specialty globally
Growing Sleeve and Beverage businesses, highly seasonal
Emerging Markets performance strong across the board
Acquisitions performing to expectations
Sales OI EBITDA
2008 2007
$496 $483
$77 $72 $108 $100
$M
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CCL Label Four Major Markets
Home andPersonal Care
$300M
Healthcare& Specialty
$350M
Beverage& Battery
$175M
SleeveLabels
$150M
Plus Durables (CD-Design) - $25million: $1+B revenue
CCL L b l H d P l C
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CCL Label Home and Personal CareAround The World
12 plants 4 in the U.S.
4 in Europe
2 in Latin America
2 in Asia
2 in Russian JV
Total revenues of US$300 million 3-4 times larger than the nearest competitor
25%+ Global Market Share
Profitability at CCL Label average
Revenue Breakdown
Europe
34%
U.S.36%
EmergingMarkets 30%
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Top 10 Global Beauty Care Players
Name 2007 Total Sales (US$B) HQ Location
Procter & Gamble 76.5 U.S.
LOral 25.1 France
Unilever 59.2 UK-NL
Colgate-Palmolive 13.8 U.S.
Este Lauder 7.0 U.S.
Avon Products 9.9 U.S.
Beiersdorf 8.5 Germany
Johnson & Johnson 61.1 U.S.
Shisheido 6.9 Japan
Kao Corp 12.6 Japan
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Five Global Accounts For Home & Personal Care
Represents 70% of Home & Personal Care Label sales
Balance is in regional players and specialty retailers
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Global Personal Care Market Shift
W. Europe N. America Japan EmergingMarkets
34%
26%
2007 2017
27%
17%
2007 2017
24%
9%
2007 2017
15%
48%
2007 2017
Industry estimates
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Global Home & Personal Care Presence 2008
Now with presence in Moscow andSt. Petersburg through our joint venture
with CCL-Kontur
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Global Home & Personal Care Presence 2010
with new Asian investments
Growing Through Greenfield Sites
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Growing Through Greenfield Sites Investment to Date
Poland (2006)$13M
China (2005)$14M
Thailand (2003)$17M
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Relocation to new state-of-the-artfacilities to meet customer needs
Greenfield Site Relocations Investments
Paris Relocation$16M
Mexico City Relocation$30M
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CCL Labels Global Partners
Company TotalEU AsiaNA LA
P&G 13
Unilever 12
LOral 9
J&J 8
Beiersdorf 7
5
4
3
2
1
2
2
1
-
2
4
4
3
4
2
2
2
2
2
2
CCL Label HPC sites trading with Global partners
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CCL Label Home & Personal Care Strategy
Continue to invest in Emerging Markets, largely through greenfield sites
Invest in Decoration Innovation
Broaden category presence in North America Home Care
Focus on improving profitability in Europe
Build service programs in Design Management andLabel Supply Management
Cross Leverage Container and Tube organization in North America
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Questions??
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Global Healthcare Group
Presented by: Robert Ryckman, VP, Marketing and Sales, CCL Label Healthcare Worldwide
September 23, 2008
CCL Industries Inc.
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Agenda
Key strengths markets served key customers locations & technology
Growth initiatives
Healthcare strategy
Q&A
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Healthcare Group History
Group was formed in 2003 to target the Healthcare market
Designated Focused factories to meet unique market needs
Invested in new production and inspection equipment specifically
designed to service the Healthcare market Completed strategic acquisitions to fill product line needs and broaden
geographic footprint
Specialized Sales Force to service customers on a global basis
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A Strong Growth Record
$100
$150
$200
$250
2003 2004 2005 2006 2007
$144
$161
$201
$239
Sales (US$M)
Graphiques Apexacquisition
Inprint acquisition
Avery acquisition
Lucas-Insertco acquisition
$103
CAGR
23.4%
k S d
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Markets Served
CCL Healthcare provides innovative packaging solutions globallyto the following industries:
Prescription Drugs
Generic Drugs
Clinical Trials
Ophthalmic (Eye Care)
Biotechnology
Medical Devices
Animal Health Products
Nutraceuticals
W ll P i i d i L M k
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Well Positioned in a Large Market
Healthcare MarketUS$2B
~10% CCLshare
CCL is a large player in a fragmented global market
M Gl b l Bl Chi C t
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Many Global Blue Chip Customers
2007 S l b G h
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Total Global Sales= US$239 M
2007 Sales by Geography
EuropeUS$120M48%
North AmericaUS$119M 52%
Excellent Geographic Footprint to Service Both
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Excellent Geographic Footprint to Service BothNorth America and Europe
CANADA 1. Toronto
2. Montreal
US 3. Hightstown, NJ
4. Baltimore, MD
5. Sioux Falls, SD
6. St. Louis, MO
7. Upland, CA
PUERTO RICO 8. Cidra
9. San German
DENMARK 10. Copenhagen
11. Randers
ITALY 12. Milan
NETHERLANDS 13. Oss
UK 14. Ashford
15. Ditchling
FRANCE 16. Chilly Mazarin
St t f th A t GMP F iliti
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State-of-the-Art cGMP Facilities
Digital Inspection Machine
State of the A t cGMP Facilities
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State-of-the-Art cGMP Facilities
Product segregation to avoid mixing batches
State of the Art cGMP Facilities
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State-of-the-Art cGMP Facilities
White Room Manufacturing Environment
State of the Art cGMP Facilities
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State-of-the-Art cGMP Facilities
Digital Proofing for copy integrity
State of the Art cGMP Facilities
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State-of-the-Art cGMP Facilities
Digital Press for short run and sequential bar codes
Broad Range of Products
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Expanded Content
IV Hanging Label Shrink Sleeve ClosureMulti Ply Medical Device Label
Pressure Sensitive
Broad Range of Products
Agenda
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Agenda
Key strengths markets served key customers locations & technology
Growth initiatives
Healthcare strategy
Q&A
Growth Initiatives Product Innovations
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Growth Initiatives - Product Innovations
RIFD Track and trace and electronic pedigree applications
Brand protection product line Overt solutions
Covert features
Intelligent labels Time & Temperature indicators
Braille Labels
Chemical indicators
Sterilization indicators
Child Resistant Senior Friendly Packaging Direct to Foil to reduce packaging spend
Market timing is critical, meeting the regulatedchanges ahead of the curve
Growth Initiatives - Product Line Extensions
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Growth Initiatives - Product Line Extensions
Blister Foils For unlabeled products common in Europe
Special constructions with Pattern Adhesive technology IVHL
Medical device
Expanded Content Labels (ECL) with more pages for regulatorysupport Now with more than 100 pages is possible
Growth Initiatives & Market Trends Type 2 Diabetes
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Growth Initiatives & Market Trends Type 2 Diabetes
Type 2 Diabetes is now a World Pandemic
CCL is well positioned with the leading Healthcare companies thatmanufacture insulin and glucose monitoring devices
Many new products are in development with CCL as a label solutionspartner
Growth Initiatives & Market Trends ePedigree
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Growth Initiatives & Market Trends ePedigree
California will require that all prescription drugs carry a method oftraceability from the time the product is made to the time it is dispensed
CCL has several ways to deliver a solution through RFID and Bar coding
CCL is investing in variable data print engines and variable data inspection
equipment to enable its customers to meet this new requirement
The first systems have been installed and running ahead of the demandwhich is scheduled to begin in Q3 2009 for 2010 release
Agenda
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Agenda
Key strengths markets served key customers locations & technology
Growth initiatives
Healthcare strategy
Q&A
Strategy Going Forward
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Strategy Going Forward
Pursue acquisitions that will enhance CCLs global footprintand Healthcare product offering
Focus on global customers and sell our worldwidesupply chain capability
Greenfield site investments in China & India tosupport existing customers
Execute new technologies to implement ePedigreeand capitalize on this value-add opportunity
Continue to leverage security products to grow sales Continue to develop new and innovative packaging
solutions to meet our customers needs
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Questions??
CCL Industries Inc.
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CCL Label Food & Beverage
Presented by: Gnther Birkner, Group VP, Food & Beverage, CCL Label Worldwide
September 23, 2008
CCL Industries Inc.
Agenda
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Agenda
Key strengths
Growth initiatives beer
soft drinks
wine & spirits
dairy & liquid foods
Food & beverage strategy
Q&A
A Strong Growth Record
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$0
$100
$200
$300
2003 2004 2005 2006 2007 2008
$65 $74
$100
$226
$265
Sales (US$M)
A Strong Growth Record
Pachem acquisition
Note 1: ITW contributed $84M in sales in year acquired - 2007
Steinbeis acquisition
Clear Image acquisition
ITW Sleeves acquisition
Strong Organic Growth
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$0
$100
$200
$300
2003 2004 2005 2006 2007 2008
Strong Organic Growth
$65 $74
$100
$226
$265
Note 1: ITW contributed $84M in sales in year acquired - 2007
Sales (US$M)
30%of growth
now organic
Growing Market Share
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CCL Global Market Share 3 Years Ago Today Ranking
Growing Market Share
20%
15%
#2
#2
8%
6%
PSL - Beverage
Sleeves
Fuji Sleeves (Japan/public)
Sleever International (France/family-owned)
Spear Inc. (USA/private & financial investor)
Multicolor Corp. (USA/public)
Key Competitors
Extensive Global Footprint
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e s e G oba oo p
Key Customers All Global Players
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y y
Global heavyweights and active consolidators in their segments
Agenda
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g
Key strengths
Growth initiatives beer
soft drinks
wine & spirits
dairy & liquid foods
Food & beverage strategy
Q&A
Beer A Growing Market
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g
Top 4 customers share more than 50% of world market
North America and Western Europe mature, Emerging Markets growing
PremiumizationCustomer Breakdown
US$
InBev-AB
$36B
SABMiller$21B
Heineken
$22BCarlsberg
$13B
Other47%
26%
13%
8%6%
Beer The Move To New Labels
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No-Label Look decoration replacing paper labels and direct print
Marketing and operational benefits
Beer CCLs Global Customers
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InBev Korea
Carlsberg China
Carlsberg RussiaHeineken USA
Femsa Mexico SABMiller South Africa
Beer CCL Providing Innovative Solutions
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g
Wash-Off Labels
CCL has unique patented label construction for refillable bottles
Labels removable and bottles reusable
Refillable bottles provide environmental benefits and represent approx.
50% of beer bottles worldwide
Outlook
Equipment investment regulates transition to Pressure Sensitive Labels(Emerging Markets!)
Today only 5% of all worldwide beer bottlesdecorated with PSL
Soft Drinks Global Market Share
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Company Ranking
Pepsi Nestl DanoneCoke
Carbonated Soft Drinks #2 - -#1
Juice #2 - -#1
RTD Coffee, Tea #2 #3 -#1
Sports Drinks #1 - -#2
Water - #1 #2#3
Soft Drinks Global Opportunities
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Business dominated by Coca-Cola and Pepsi plus Nestl and Danone in bottled water category
Carbonated soft drinks only grow in emerging markets developed markets move to wellness drinks (enhanced waters, juice),
energy drinks and RTD coffee and tea
Standard pack format PET bottles, more recently shapedcontainers which need adaptive label
CCL supplies Shrink and Stretch Sleeves to decorate shaped bottles
Soft Drinks CCL Customers & Products
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Coca ColaCoca Cola
Pepsi
Danone Nestl
GerolsteinerNestl Coca Cola
Soft Drink Innovation
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Super-Stretch-Sleeves (Triple S)
Environmentally friendly and cost effective Sleeve decoration forshaped bottles to replace Shrink Sleeves
Proprietary patented application system
Minimizes material usage, transport, energy consumption
SHRINK SLEEVE TRIPLE S
31%
Wine & Spirits CCLs Major Customers
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Wine makers usually small with regional character
Spirits controlled by Diageo (Smirnoff, Johnnie Walker, Baileys)Pernod Ricard (Chivas, Absolut Vodka, Beefeater Gin) and Bacardi
Diageo$20B
Pernod Ricard$12B
Bacardi$5B
Other26% 34%
26%
14%
US$
Wine & Spirits Major Global Customers & Brands
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BacardiDiageo Diageo Mumm
DiageoDiageoPernod RicardBacardi
Wine & Spirits Opportunities
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Growth in mature markets (competition with beer) and taxregulated markets e.g. India
CCL presence small with Pressure Sensitive Labels andShrink Sleeves
Wine business bolstered by the acquisition of Clear ImageAustralia need to establish franchises in important wine regions
Spot business with spirit companies in all partsof the world but no major position
Dairy & Liquid Food Markets For Growth
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Consumer habits grow on-the-go and portioned packs likesmall plastic bottles
Brand owners look for differentiation with shaped containers andhigh-end decoration
CCL supplies Sleeves, PSL and In-mould Labels full choice ofpremium decoration
Existing business predominantly with regional customers in Europe butrecent investments will attract multinationals (Nestl, Unilever, Danone)
Growth opportunities
Emerging markets (Russia, Asia, Mexico, Brazil) North America with innovations (Triple S)
Dairy & Liquid Food Large & Global Customers
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Danone, Nestl and Unilever as global players
Various regional large customers
$95.0B
$60.0B
$23.0B$9.6B $7.5B $6.0B $3.1B
Nestl Unilever Group
Danone
Arla Friesland Campina Mller
US$
Dairy & Liquid Food Customers & Products
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Campina Nestl Mller
Arla Danone Unilever
Food & Beverage Growth Strategy
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Focus on multinational customers with global brandsaccessing CCLs geographic footprint
Focus on premium brands with high-end decorationand new technologies
no mature products (paper cut & stack labels, wraparound labels)
Focused factories designed to meet customercost criteria, latest technology
Acquisitions to broaden geographic and/orsegment scope
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Questions?
CCL Label Market Niches Represent 20% of Sales
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Batteries Promotions Chemicals
Paints Automotive
With higher margins than the average
CCL Industries Inc.
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CCL Label Specialty Products
Geoffrey T. Martin, President and CEO
September 23, 2008
CCL Industries 2002 2007 Proforma
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$0
$50
$100
$150
2002 2003 2004 2005 2006 2007$600
$800
$1,000
$1,200
EBIT Sales ($M)
Note: Excludes Custom Manufacturing & ColepCCL
Sales
EBIT
CCL Label, Container & TubeInvesting in the Future
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g
$0
$40
$80
$120
$160
$200
2002 2003 2004 2005 2006 20070%
5%
10%
15%
20%
$M
93%Capex as a% of Depn
181% 216% 274% 242% 221%
Note: Excludes Custom Manufacturing & ColepCCL
ROI
ROI
Capex
Depreciation
CCL Container, Tube and Label Working Capital
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0
400
800
1200
1600
2002 2003 2004 2005 2006 2007
-40
0
40
80
120
WorkingCapital $M
Sales $M
Sales
Working Capital
Capex Outlook
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Capex forecast 2008 of $190 million includes over $60 million ofsignificant & strategic long-term property transactions
CD-Design = $13 million
New Mexican Guanajuato Container plant = $10 million
New Paris HPC Label plant = $8 million
New Montreal Healthcare Label plant = $6 million
New Los Angeles Tube plant = $4 million
Significant plant expansions in the U.K., Germany & Austria = $15 million
Land purchases in China, India, Vietnam and Japan
Container and Tube Capex of $46 million driven by new plantsand equipment in L.A. and Mexico
Capex at Label is $144 million and excluding acquisition related Capex = $127 million
Expect normalized capex in the $125-$150 million range for 09/10 Including Asian expansions
Subject to continuing profit growth and meeting ROI hurdles
CCL Container & Tube Strategies
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Focus on North America Only
Focus on improving Operating Margin and ROI Cost reduction Mexican Container plant, downsizing of Penetanguishene
Pricing commodity cost pass throughs, improve mix
Capex at or below rate of depreciation for 2009-10 in both businesses
Leverage CCL Label Relationships in North America Many common customers in HPC
Beverage opportunities
CCL Label Business Strategy
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Focus primarily on large Global Customers Organize around their needs
Invest globally in world-class facilities and technologies By market segment and/or label type
Increasing focus on product technology innovations
Acquire to expand geographic footprint and product range At the right price, largely bolt-on businesses $10-$100 million
Many opportunities focus on Healthcare & Specialty,Food & Beverage and Durables
Focus on growth at current margins and ROI
CCL Acquisition Approach
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Focus on selected segments of the Label business
Valuations at4-6+ times historic EBITDA
Focus on businesses/people who we know, avoiding auctions
Willing to take on troubled situations: at or below tangible asset value Must be a fit product/geography in our global network
No bet the company deals, always be ready to walk away
Many opportunities arise in turbulent times
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Questions??