Constantia Flexibles has agreed to sell its labels division (Constantia Labels) to US-based Multi-Color in a deal valued at approximately €1.15bn.

After the completion of the transaction, Constantia Flexibles will hold 16.6% of Multi-Color’s outstanding shares.

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Constantia Flexibles CEO Alexander Baumgartner said: “Constantia Flexibles will use proceeds from the transaction to de-leverage its balance sheet and enable further acquisitions in the dynamic and consolidating flexible packaging industry.

“We will also focus on innovative products and services, as well as new technologies to strengthen our existing Food and Pharma divisions.”

Constantia Labels supplies labels to the beverage, food, home and personal care industries and has 23 plants across 14 countries.

"Constantia Flexibles will use proceeds from the transaction to de-leverage its balance sheet and enable further acquisitions in the dynamic and consolidating flexible packaging industry."

The transaction is expected to combine Constantia Labels’ food and beverage business with Multi-Color’s wine, spirits and home and personal care divisions.

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The combined business is expected to have a larger geographical footprint and create long-term synergies that will benefit both companies.

Multi-Color executive chairman Nigel Vinecombe said: “The acquisition of Constantia Labels marks a major milestone in the evolution of Multi-Color.

“We are bringing together complementary talents in markets and geographies, diversifying our business and creating a global leader with a transaction that is financially attractive, which will better help us serve our customers.”

The transaction, which is subject to regulatory approvals, is expected to be completed in the fourth quarter of this year.