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LABL

Multi-Color

$82.60

2.75 (3.44%)

08:39
07/17/17
07/17
08:39
07/17/17
08:39

Multi-Color to acquire Labels Division of Constantia Flexibles for $1.3B

Multi-Color announces that it has signed a definitive agreement to acquire the Labels Division of Constantia Flexibles from Constantia Flexibles GmbH for approximately $1.3B, payable in cash and stock. The combined annual revenues and EBITDA of the two businesses will be approximately $1.6B and $300M, respectively. The combination brings together Constantia Labels' high performing Food and Beverage business with Multi-Color's strong Wine and Spirit, and Home and Personal Care platforms, and emerging global position in Healthcare. Additional growth opportunities for Multi-Color exist in Home and Personal Care by utilizing Constantia Labels' European operational footprint and assets. Growth opportunities for Constantia Labels exist in Food & Beverage and derive from Multi-Color's U.S. operational footprint and assets. The stronger combined footprint in Asia will provide further revenue opportunities. Cost synergies are anticipated to reach $15M by FY20 through a combination of procurement, SG&A, and manufacturing efficiencies. As an example, Multi-Color will utilize Constantia Labels' pressure sensitive substrate manufacturing capability in the U.S. and Europe to drive future efficiencies. Both companies currently generate EBITDA margins of approximately 18%. As part of the transaction, Mike Henry, current EVP and Head of Constantia Labels, is expected to become CEO-elect of Multi-Color Corporation. Current Multi-Color CEO, Vadis Rodato, is expected to retire in early 2018 after a transition period. Nigel Vinecombe will remain Executive Chairman. Two representatives of Constantia Flexibles will join Multi-Color's board, and the shares issued as consideration will be subject to customary lock-up provisions. The transaction is expected to close in Q3 of 2018.

LABL Multi-Color
$82.60

2.75 (3.44%)

01/04/17
BARD
01/04/17
DOWNGRADE
BARD
Neutral
Multi-Color downgraded to Neutral from Outperform at Baird
01/04/17
BARD
01/04/17
DOWNGRADE
Target $80
BARD
Neutral
Multi-Color downgraded to Neutral at Baird
As previously reported, Baird analyst Gransham Panjabi downgraded Multi-Color to Neutral from Outperform citing a balanced risk/reward. Panjabi maintained his $80 price target on Multi-Color shares.
01/26/17
HDLY
01/26/17
DOWNGRADE
HDLY
Neutral
Multi-Color downgraded to Neutral from Buy at Hilliard Lyons
01/26/17
01/26/17
DOWNGRADE

Neutral
Follow-up: Multi-Color downgraded to Neutral on valuation at Hilliard Lyons
As previously reported, Hilliard Lyons downgraded Multi-Color to Neutral from Buy. Analyst Spenser Joyce said shares have limited upside to his prior target of $86 following recent strength and sees some downside risk to consensus expectations given the lack of acquisitions.

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