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Avery Dennison Corp Announces Definitive Agreement to Sell Two Businesses to CCL Industries Inc for $500 Million


Wednesday, 30 Jan 2013 07:32am EST 

Avery Dennison Corp announced that it has signed a definitive agreement to sell its Office and Consumer Products (OCP) and Designed and Engineered Solutions (DES) businesses to CCL Industries Inc, is in specialty packaging solutions, for $500 million in cash. The transaction is subject to customary closing conditions, adjustments and regulatory approvals, and is expected to be completed in mid-2013. Avery Dennison intends to use the expected net sale proceeds of approximately $400 million to repurchase shares and make an additional pension contribution. Avery Dennison`s Office and Consumer Products business is one of the world`s suppliers of printable media and other products, with 2012 sales of approximately $730 million and adjusted operating income of approximately $86 million. J.P. Morgan Securities LLC advised Avery Dennison on the transaction. Latham & Watkins served as Avery Dennison`s legal counsel. 

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