CCL Industries Reports 4Q, Full Year Results
"Sales for CCL Container, excluding the impact of foreign currency translation, increased 12 percent for the fourth quarter as we continued to deliver on our turnaround plan. Improved pricing and product mix combined with many cost and productivity initiatives resulted in significant profitability gains highlighted by our Canadian operation contributing positive results for the second consecutive quarter. CCL Tube's performance exceeded all expectations delivering a record year and another outstanding quarter; sales in local currency were up 19 percent driving a steep change in profit margins. Shareholders will know that returns in these two segments have lagged the rest of the Company for some years so I am particularly pleased to see both businesses delivering meaningful contributions to our free cash flow and bottom line in 2011," stated Mr. Martin.
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