Avery Dennison Buys Hanita Coatings
US packaging products group Avery Dennison has agreed to pay $75 million to buy Hanita Coatings, an Israeli manufacturer of pressure-sensitive materials, from Kibbutz Hanita Coatings and Tene Investment Funds.
Hanita Coatings develops and manufactures coated, laminated and metallized polyester films and operates sales and distribution facilities in Germany, USA, China and Australia. The company reported sales of around $50 million in 2015 and employs more than 220 people, mostly located at its headquarters in Western Galilee.
“We see clear opportunities to leverage our strong global organization and established brand to help accelerate Hanita Coatings’ product commercialization around the world,” said Mitch Butier, president and CEO of Avery Dennison.
Completion of the transaction is expected to take up to a few months, subject to customary closing conditions and approvals.
The acquisition follows the purchase just four months earlier of Mactac’s European business from California-based private equity firm Platinum Equity. That deal, which closed in August, saw Avery Dennison pay €200 million, including assumed debt, for the leading pressure-sensitive materials manufacturer.
Mactac Europe has a production plant in Soignies, Belgium, along with sales offices and warehouses in Europe and Asia, which also serves markets in South America, Asia-Pacific, the Middle East and North Africa.
