From the Desk of Irwin Michael – March 24, 2016 CCL Industries Inc. is a global leader in label and packaging solutions for large corporations and small businesses. The Toronto-based company operates a vast distribution network of 119 facilities in 31 countries. CCL Industries is attractive for several reasons. Firstly, the company is free cash flowing and has consistently grown its earnings and revenues, while beating analyst expectations in its most recent quarters. CCL’s impressive growth has been driven by strong end markets, margin expansion and its acquisitions. We believe that the company has the potential to keep expanding via organic growth and through future acquisitions. For instance, three weeks ago, CCL announced the intended acquisition of a U.S. company, Checkpoint Systems Inc., which produces anti-theft tags for retailers, surveillance systems, alarms and digital video recorders. Of note, Checkpoint generates approximately $600 million in sales, which should be quite beneficial to CCL. In summation, CCL Industries is a free cash flowing Canadian multinational corporation, expanding its revenues and earnings, and should remain an attractive selection to participate in the North American economic resurgence. Irwin A. Michael, President I.A. Michael Investment Counsel Ltd.