Avery Dennison Corp yesterday said that it would sell its office and consumer products business, to Canada's CCL Industries Inc, for $500 million, five months after the US regulator scuttled US multinational 3M's $550-million deal to buy the unit.
Avery Dennison's office and consumer products business is one of the world's leading suppliers of office and education products including labels, binders, presentation products, filing and indexing products, writing instruments, and other office and home organisation products.
The business also includes the Avery, Hi-Liters and Marks-A-Lot product brands in the US, Canada, Germany, France, the UK, Australia, New Zealand, and several other countries.
The business had sales of $765 in 2011 and $730 million in 2012.
Geoffrey Martin, president and CEO of CCL, said that the acquisition has the potential to transform the company at many levels.
''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,'' said Martin.