CCL’s partners, the Marinetti family, have a significant role in the venture, so the business will continue to be treated on an equity accounting basis.
In the first quarter of 2014, CCL and its partners plan to inject a further US $5m into the venture providing capital to add capacity and broaden market scope in Chile, while expanding into new territories in the Andean region.
Geoffrey T Martin, president and CEO of CCL Industries, said: “I’d like to take this opportunity to thank Mitch Kendall and David Goodman. While they have now exited their shareholder position in Chile, they played an important role in one of our more successful start-up ventures in emerging markets.”
Source: CCL Industries
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