Avery Dennison announces the sale of four label plant operations and a machinery application business serving the personal care, health care and beauty care markets.Corp. (NYSE/PSE:AVY), a global producer of pressure-sensitive materials, office products and converted products, Wednesday announced that it has signed a definitive agreement to sell part of its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. pressure-sensitive label printing and label application machinery operations to CCL Industries CCL Industries Inc. TSX: CCL.A is a Toronto, Ontario-based company founded in 1951. CCL is active in three major business segments.
Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and packaging company. The businesses being sold had revenues of approximately $70 million in 1994, and serve the U.S. personal care, health care and beauty care markets. Manufacturing plants affected by the sale are located in Monrovia, Calif.; Cincinnati; Rexdale, Ontario; and Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . Closing is anticipated before year-end, subject to customary conditions, including expiration or early termination of the Hart-Scott-Rodino waiting period. Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. intends to keep major segments of its U.S. label converting business, which serves specialized markets -- such as automotive OEMs and durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. manufacturers, heat- transfer and other unique decorating applications, postage stamps, and label and tag products for computer printers -- where the company has a proprietary position and leads the market with innovative, technical applications. The company also plans to retain its European label converting and machinery operations. In announcing the definitive agreement, Avery Dennison Chairman and Chief Executive Officer Charles D. Miller stated that the sale of these businesses to CCL Industries "assures our customers of continued product quality and service, while allowing Avery Dennison to focus on its pressure-sensitive base materials and office products businesses, and to pursue its strategic direction in creating new and proprietary products for the North American and industrial converting markets." The brand name "Avery" will be retained by Avery Dennison. Miller also said, "We are grateful for the many years of dedicated service by the employees of these businesses, and are confident that CCL 1. CCL - Coral Common LISP. 2. CCL - Computer Control Language. English-like query language based on COLINGO, for IBM 1401 and IBM 1410. will value their contributions as has Avery Dennison." Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale will be used for general corporate purposes, including funding capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , an accelerated profit improvement program, debt repayment and share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. . Avery Dennison, with sales of $2.9 billion, is a worldwide leader in manufacturing self-adhesive materials, tapes and labels, office products, tags, retail systems and specialty chemicals. Consumer brands include AVERY office labels, indexes, binders and software, and FASSON self-adhesive materials for industrial markets. A Fortune 500 company based in Pasadena, Avery Dennison has 15,800 employees in 200 manufacturing facilities and sales offices in 29 countries. CCL Industries, with sales of more than C$1 billion, is active in three major business segments. The Consumer Products Division, consisting of Custom Manufacturing and Kolmar, produces many of the familiar household, personal care, pharmaceutical and cosmetic products found in every home. The Container Division manufactures aluminum spray containers and tubes for an extensive range of specialty products used worldwide. The Label Division produces labels used on a broad spectrum of internationally recognized products. With headquarters in Toronto, CCL employs more than 6,000 people at 33 facilities throughout North America, Europe, Australia and China. CONTACT: Avery Dennison Corp., Pasadena Diane B. Dixon, 818/304-2118 (media) dixon@averydennison.com or Wayne H. Smith, 818/304-2001 (investors) investorcom@averydennison.com |
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