Avery Dennison To Buy Hanita Coatings For $75 Mln - Quick Facts

(RTTNews) - Avery Dennison Corp. (AVY), a provider of labeling and packaging materials and solutions, announced Tuesday that it has agreed to acquire Hanita Coatings from Kibbutz Hanita Coatings and Tene Investment Funds for $75 million, subject to customary adjustments.

Avery Dennison expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.

Hanita is an Israel-based pressure-sensitive materials manufacturer of specialty films and laminates. It has sales and distribution facilities in the United States, Germany, China and Australia. The company develops and manufactures coated, laminated, and metallized polyester films for a range of industrial and commercial applications.

With 2015 sales of roughly $50 million, Hanita currently employs more than 220 employees, most of whom are located at the company's headquarters in Israel's Western Galilee.

Mitch Butier, Avery Dennison president and CEO, said, "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."