R&D-focused business expands Company’s capabilities in specialty
films categories
GLENDALE, Calif.--(BUSINESS WIRE)--Dec. 13, 2016--
Avery Dennison Corporation (NYSE:AVY) today announced it has agreed to
acquire Hanita Coatings, a pressure-sensitive materials manufacturer of
specialty films and laminates from Kibbutz Hanita Coatings and Tene
Investment Funds for the purchase price of $75 million, subject to
customary adjustments.
Headquartered in Israel with sales and distribution facilities in the
United States, Germany, China and Australia, Hanita Coatings develops
and manufactures coated, laminated, and metallized polyester films for a
range of industrial and commercial applications, all of which require
high performance and superior quality.
Hanita Coatings’ window films are used in architecture and automotive
aftermarkets; its top-coated polyester films are used in the manufacture
of durable labels; and its ultra-high barrier films form part of
insulation systems used in refrigeration, buildings and cold chain
packaging.
“We see clear opportunities to leverage our strong global organization
and established brand to help accelerate Hanita Coatings’ product
commercialization around the world,” said Mitch Butier, Avery Dennison
president and CEO. “In addition to expanding our product portfolio and
providing new growth opportunities, Hanita Coatings’ culture of
innovation and long-standing commitment to R&D are a strong fit with our
own company’s 80-year history of innovation in materials science.”
With 2015 sales of roughly $50 million, Hanita Coatings currently
employs more than 220 employees, most of whom are located at the
company’s headquarters in Israel’s Western Galilee. The 33-year-old
company generates sales in more than 40 countries.
“We are excited to be joining forces with such a global industry leader
and see it as a great opportunity for Hanita Coatings to realize its
full potential,” added Oved Shapira, CEO, Hanita Coatings. “I am
convinced that Avery Dennison’s resources, distribution channels, and
brand will benefit our customers across all our markets, enabling
continued innovation through future investment and improved
manufacturing efficiency.”
Avery Dennison expects that completion of the transaction will take up
to a few months, subject to customary closing conditions and approvals.
About Avery Dennison
Avery Dennison (NYSE: AVY) is a global leader in labeling and packaging
materials and solutions. The company’s applications and technologies are
an integral part of products used in every major market and industry.
With operations in more than 50 countries and more than 25,000 employees
worldwide, Avery Dennison serves customers with insights and innovations
that help make brands more inspiring and the world more intelligent.
Headquartered in Glendale, California, the company reported sales of
$6.0 billion in 2015. Learn more about the company at www.averydennison.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161212006128/en/
Source: Avery Dennison Corporation
Avery Dennison Media Contact
Rob Six, 626-304-2361
rob.six@averydennison.com
or
Avery
Dennison Investor Relations
Cynthia Guenther, 626-304-2204
Cynthia.Guenther@averydennison.com