Avery Dennison to Acquire Hanita Coatings
December 13 2016 - 1:00AM
Business Wire
R&D-focused business expands Company’s
capabilities in specialty films categories
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161212006128/en/
Avery Dennison Media ContactRob Six,
626-304-2361rob.six@averydennison.comorAvery Dennison Investor
RelationsCynthia Guenther,
626-304-2204Cynthia.Guenther@averydennison.com
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