Avery Dennison to acquire Hanita Coatings for $75 million
Israel-based Hanita will expand Avery Dennison’s capabilities in specialty films categories.
Label and packaging materials maker Avery Dennison is acquiring Hanita Coatings, an Israel-based pressure-sensitive materials manufacturer of specialty films and laminates, for US$75 million.
Hanita Coatings has sales and distribution facilities in the U.S., Germany, China, and Australia, and develops and manufactures coated, laminated, and metallized polyester films for a range of industrial and commercial applications, all of which require high performance and superior quality.
“We see clear opportunities to leverage our strong global organization and established brand to help accelerate Hanita Coatings’ product commercialization around the world,” Mitch Butier, Avery Dennison’s president and CEO, said in a statement. “In addition to expanding our product portfolio and providing new growth opportunities, Hanita Coatings’ culture of innovation and long-standing commitment to R&D are a strong fit with our own company’s 80-year history of innovation in materials science.”
With 2015 sales of roughly $50 million, Hanita Coatings currently employs more than 220 employees, most of whom are located at the company’s headquarters in Israel’s Western Galilee. Founded in 1983, the company generates sales in more than 40 countries.
Avery Dennison is headquartered in Glendale, Calif.