Fiver producer Innovia Group sold in meaty £680m deal with Canadian giant

 
Shruti Tripathi Chopra
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Mark Carney Unveils New Polymer Five Pound Note
The Bank of England confirmed using a trace of animal fat, called tallow, in its new £5 notes (Source: Getty)

​Here's another big deal worth, ahem, noting: Innovia Group, supplier of the Bank of England’s new plastic five pound note that has come under fire for containing animal fat, has been snapped up by a Canadian label and packaging maker in a CA$1.13bn (£680m) move.

The UK-based company makes specialty bi-axially oriented polypropylene films used for labels, packaging and security applications.

Read more: The Bank of England didn't know animal products were used to make £5 notes

The Canadian firm, CCL Industries, said that Innovia is likely to generate net revenue of about CA$570m for next year. The deal will be financed from existing revolving credit facility and a new $450m, two-year term loan, Reuters reported .

Meanwhile, our Canadian governor Mark Carney is working to remove animal fat from the shiny new fivers.

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