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Sells Office and Consumer Products, Designed and Engineered Solutions businesses for $500 million
July 1, 2013
By: DAVID SAVASTANO
Contributing Editor, Coatings World and Ink World
Avery Dennison Corporation announced it has completed the sale of its Office and Consumer Products and Designed and Engineered Solutions businesses to CCL Industries Inc. for $500 million, subject to customary closing adjustments expected to be finalized during the third quarter. The company filed an amendment to the definitive purchase agreement on form 8-K with the U.S. Securities and Exchange Commission. Avery Dennison continues to expect net proceeds from the sale of approximately $400 million, and intends to use them to repurchase shares and make an additional pension plan contribution.
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