CCL Industries Inc. (TSX:CCL.B) signed a heads of agreement to acquire John Watson & Co Ltd from John Watson's family on November 20, 2012. The acquired company will on completion of the transaction change its trading name to CCL Label and become a part of the global Wine & Spirits network. In the interim period the two companies will cooperate to serve common customers and leverage combined supplier relationships.

This coordination will be led by Guenther Birkner, President, Food & Beverage Worldwide together with the management teams of John Watson & Co. and CCL Label Wine & Spirits business units. John Watson will remain Chairman in an advisory role. Robert McLachlan and Allan McDonnell will enter into continuing employment agreements as joint Managing Directors. The transaction is subject to contract with terms based on the financial performance of John Watson & Co. for calendar year 2013. The transaction is expected to close in early 2014.

CCL Industries Inc. (TSX:CCL.B) cancelled the acquisition of John Watson & Co Ltd from John Watson's family on January 29, 2013. CCL and the family were not able to reach out on an agreement for the acquisition.