CCL Industries Inc., a Toronto-based specialty packaging manufacturer, is acquiring the office and consumer products and designed and engineered solutions businesses of Avery Dennison for $500 million in cash.
The transaction is expected to close by mid-2013.
“This acquisition is the largest in CCL's history and takes the company's pro-forma annual revenue above $2 billion for the first time,” said Geoffrey Martin, CCL’s president and CEO. “We are significantly expanding our CCL label market sectors with our entry into the North American durable goods market.”
CCL Industries currently employs approximately 6,600 people in 75 plants globally. The company is said to be the world's largest converter of pressure-sensitive and film materials for label applications and sells to leading global customers in the consumer packaging, healthcare, automotive and consumer durable segments.