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The geographical segment is determined by the location of the Company’s country of operation. 

Transactions with two significant customers in 2011 accounted for approximately $158.0 million and $155.2 million (2010 – $153.8 million and $118.7 million, respectively) of the Company’s total sales. 

## 7. ACQUISITIONS OF SUBSIDIARIES 

In April 2011, the Company acquired 100% of the shares of Thunder Press Inc., a privately owned label company located near Chicago that operated under the trade name “Sertech”. The acquired business produces patient instructional leaflets, commonly known as inserts and outserts for leading pharmaceutical customers in the United States. The acquisition increases CCL’s exposure to the healthcare sector and brings the Company closer to its customers in the mid-west region of the United States. The purchase price was $7.8 million, net of cash acquired of $0.8 million and inclusive of a promissory note of $1.0 million. During the fourth quarter of 2011, CCL accrued an additional $1.0 million, payable to the seller as consideration for the filing of a joint election to structure the transaction as an asset sale for tax purposes. The total amount of goodwill and intangibles of $6.1 million is expected to be deductible for tax purposes. 

In March 2010, the Company completed the purchase of Purbrick Pty Ltd. (“Purbrick”), a privately held company based in Melbourne, Australia. Purbrick supplies patient information leaflets and pressure sensitive labels to global pharmaceutical customers located in Australia. The purchase price was $1.2 million, net of cash acquired. No goodwill was recognized on this transaction. 

## 8. CASH AND CASH EQUIVALENTS 

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