Avery Dennison sell two businesses CCL Industries $500 million

Avery Dennison to sell two businesses to CCL Industries for $500 million

11:49 AM, 31st January 2013
Avery Dennison to sell two businesses to CCL Industries for $500 million

PASADENA, US: Avery Dennison Corporation has signed a definitive agreement to sell its Office and Consumer Products and Designed and Engineered Solutions businesses to CCL Industries Inc, a global leader in specialty packaging solutions, for $500 million in cash. The transaction is subject to customary closing conditions, adjustments and regulatory approvals, and is expected to be completed in mid-2013. Avery Dennison intends to use the expected net sale proceeds of approximately $400 million to repurchase shares and make an additional pension contribution.

“This sale is consistent with our goal of maximizing the value of our businesses for Avery Dennison’s shareholders, and focusing on our industry-leading Pressure-sensitive Materials and Retail Branding and Information Solutions businesses. CCL is one of our largest customers, and we have a long-standing relationship with them. We are pleased that they will become the steward of the Avery brand for office products and augment their specialty converting portfolio through this transaction,” said Dean A Scarborough, Chairman, President and Chief Executive Officer, Avery Dennison.

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