Canada-based specialty packaging company CCL Industries has bought additional 12.5% stake in its Chile-based wine label joint venture Acrus-CCL for $1.2m.

Following the purchase, CCL Industries holds a total of 62.5% equity in the joint venture firm.

Going forward, the company along with its partners is planning to invest an additional $5m in the venture to increase its capacity as well as market scope in Chile, while expanding into new territories in the region.

CCL Industries president and CEO Geoffrey Martin said, "I'd like to take this opportunity to thank Mitch Kendall and David Goodman. While they have now exited their shareholder position in Chile, they played an important role in one of our more successful start-up ventures in Emerging Markets."

Currently, the company operates 89 production facilities across 25 countries on five continents with corporate offices in Toronto, Canada, and Framingham, Massachusetts.