CINCINNATI, Oct. 13 /PRNewswire/ -- Multi-Color Corporation (MCC) is pleased to announce it has entered into a property contract to acquire larger facilities in Paarl, South Africa. This USD 2.3 million (RSA Rand 17.5 million) property investment secures a long-term home for the current MCC Collotype Labels business in South Africa and provides significant room for expansion.
"We have enjoyed substantial growth in South Africa in the last six years and we are excited about future prospects," said Nigel Vinecombe, MCC President & CEO. He added, "This property purchase and subsequent refurbishments will be funded from current cash reserves in South Africa. We are delighted to reinvest in our business and team that have established a proven track record over many years in this developing market."
The new property will be purchased in 2011 and refurbished. It will be ready for relocation prior to the expiration of the current facility lease.
MCC is one of the world's largest label printers, specializing in the home & personal care, food & beverage and wine & spirit markets. Annual revenues are over USD 300 million with operations on four continents. MCC (Nasdaq: LABL) is the only global U.S. publicly listed label company and specializes in the highly fragmented multi-billion dollar label industry.
Safe Harbor Statement
The Company believes certain statements contained in this report that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Any forward-looking statement speaks only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.
Statements concerning expected financial performance, on-going business strategies, and possible future actions which the Company intends to pursue in order to achieve strategic objectives constitute forward-looking information. Implementation of these strategies and the achievement of such financial performance are each subject to numerous conditions, uncertainties and risk factors. Factors which could cause actual performance by the Company to differ materially from these forward-looking statements include, without limitation, factors discussed in conjunction with a forward-looking statement; changes in general economic and business conditions; the ability to consummate and successfully integrate acquisitions; ability to manage foreign operations; currency exchange rate fluctuations; the success and financial condition of the Company's significant customers; competition; acceptance of new product offerings; changes in business strategy or plans; quality of management; the Company's ability to maintain an effective system of internal control; availability, terms and development of capital and credit; cost and price changes; raw material cost pressures; availability of raw materials; ability to pass raw material cost increases to its customers; business abilities and judgment of personnel; changes in, or the failure to comply with, government regulations, legal proceedings and developments; risk associated with significant leverage; increases in general interest rate levels affecting the Company's interest costs; ability to manage global political uncertainty; and terrorism and political unrest. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Multi-Color Corporation