Avery Dennison is to sell its label converting business in Europe to CCL Industries, a label and packaging solutions company based in Toronto, Canada, for about $60M. The deal involves two Avery Dennison self adhesive label converting facilities at Brondby and Randers, in Denmark, and another in Chilly-Mazarin, France. The approximately 325 employees at the three operations will become employees of CCL.
The deal, which also includes a long term, global supply agreement for Avery Dennison to provide pressure sensitive base materials to CCL, is expected to be finalized during the third quarter of 2003, subject to regulatory approvals.
"Divesting these operations in Europe is an important part of our strategy to focus on our key global businesses in pressure sensitive adhesive materials, office products and retail information services," says Philip M Neal, chairman and ceo of Avery Dennison. "We will continue to invest in growing our existing operations in Europe."
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