The two businesses have combined revenues of approximately $910m.
Canada based packaging manufacturer CCL Industries Inc. has acquired the Office & Consumer Products and Designed & Engineered Solutions businesses of US labelling and packaging company Avery Dennison. The transaction, which came to $500m in cash, remains subject to regulatory approval although it is expected to close by mid 2013.
Commenting on the acquisition, Geoffrey Martin, president and ceo of CCL Industries, said: “We are acquiring the Avery brand as part of the transaction to build on the franchise established for many decades for labels and other printable media that consumers and businesses use in digital computer printers around the world. In addition, we are significantly expanding our CCL Label market sectors with our entry into the North American durable goods market. This acquisition is the largest in CCL’s history and takes the company’s pro-forma annual revenue above $2bn for the first time.”