by JJPAvery Dennison CCL Industries
Posted on Thursday, January 31, 2013
30th Jan 2013
Avery Dennison has announced that it has signed a definitive agreement to sell its Office and Consumer Products (OCP) and Designed and Engineered Solutions (DES) 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.
“This sale is consistent with our goal of maximising 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,” said Dean A. Scarborough, Avery Dennison chairman, president and chief executive officer. “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.”
Avery Dennison intends to use the expected net sale proceeds of approximately $400 million to repurchase shares and make an additional pension contribution.
Avery Dennison’s Office and Consumer Products business is one of the world’s leading suppliers of printable media and other products, with 2012 sales of approximately $730 million and adjusted operating income of approximately $86 million.
Jeremy Plimmer has 35 years of experience in the security related print and packaging industry working originally as sales development director for manufacturers of passports, high security print and labels and more recently as a consultant. He is a graduate member of the Chartered Institute of Marketing, a Fellow of the Institute of Minerals, Materials and Mining, chairman of the West Midlands Packaging Society as well as vice chairman of the East Midlands Packaging Society.Read More
The Product & Image Security Foundation is a non-profit making trade association which was originally formed under the name of Label & Tag Security International (LTSI) in the early 1990's.
Today it operates with more than 100 members in 27 countries and is the premier international forum for manufacturers, suppliers and users of labels, tags, packaging, identification systems, materials and systems for any form of product security, brand image protection or product traceability applications and technology.