US based labeling and packaging materials provider Avery Dennison has signed an agreement to acquire Hanita Coatings, an Israel-based pressure-sensitive materials manufacturer of specialty films and laminates, for $75m.
The deal to acquire Hanita Coatings, which has sales and distribution network in the US, Germany, China and Australia, was signed with Kibbutz Hanita Coatings and Tene Investment Funds.
Hanita Coatings is engaged in developing and manufacturing coated, laminated, and metallized polyester films for a range of industrial and commercial applications.
Avery Dennison president and CEO Mitch Butier said: “We see clear opportunities to leverage our strong global organization and established brand to help accelerate Hanita Coatings’ product commercialization around the world.”
The transaction is expected to expand Avery Dennison’s capabilities in specialty films categories while providing new growth opportunities.
Hanita Coatings CEO Oved Shapira said: “I am convinced that Avery Dennison’s resources, distribution channels, and brand will benefit our customers across all our markets, enabling continued innovation through future investment and improved manufacturing efficiency.”
Avery Dennison expects the deal to take up to a few months for completion and is subject to customary closing conditions and approvals.
Employing more than 220 people, Hanita Coatings manufactures window films for architecture and automotive aftermarkets; top-coated polyester films for durable labels; and ultra-high barrier films form part for refrigeration, buildings and cold chain packaging.
