Plastic £5 note maker snapped up by Canadian labels giant

Innovia, the manufacturer of the new plastic £5 notes that contain animal fat, has been snapped up by Canadian label and packaging giant CCL Industries for CAN $1.13bn (£680m).
The Wigton-based company, which has about 1,200 employees, is currently owned by a consortium of UK private equity investors managed by The Smithfield Group.
It is responsible for virtually all of the world’s polymer banknotes to date and has been in the spotlight in recent weeks after a vegetarian outcry over the new UK £5 notes.
As well as banknotes, Innovia Group produces high-tech film products for packaging and industrial applications, such as pressure-sensitive labels. CCL Industries, which is listed in Toronto, is the world’s largest specialty label business and has more than 20,000 employees across six continents.
The deal is the latest in a string of overseas acquisitions of UK firms post-Brexit, including the £24bn sale of Arm Holdings to Japan’s …