Avery Dennison Completes Sale of Two Businesses to CCL Industries


Posted on July 1, 2013 @ 02:54 pm



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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