US-based labelling and packaging materials provider Avery Dennison has agreed to buy Hanita Coatings, an Israel-based pressure-sensitive materials manufacturer of specialty films and laminates.
Subject to customary closing conditions and approvals, the $75m deal is expected to be completed in the next few months.
Avery Dennison's president and chief executive officer (CEO) Mitch Butier said: “We see clear opportunities to leverage our strong global organisation and established brand to help accelerate Hanita Coatings’ product commercialisation around the world.
“In addition to expanding our product portfolio and providing new growth opportunities, Hanita Coatings’ culture of innovation and long-standing commitment to research and development (R&D) are a strong fit with our own company’s 80-year history of innovation in materials science.”
With sales and distribution facilities in the US, Germany, China, and Australia, Hanita Coatings currently develops and produces coated, laminated, and metalised polyester films for several industrial and commercial applications. The company currently employs more than 220 people and has sales operations in more than 40 countries.
Hanita Coatings’ window films are used in architecture and automotive aftermarkets, while the company’s top-coated polyester films are used to make durable labels. In addition, its ultra-high barrier films are being used in refrigeration, buildings and cold chain packaging.
In August this year, the company acquired the European business of Mactac for €200m, which includes assumed debt.
Mactac operates a manufacturing facility in Belgium and has sales offices and warehouses across Europe and Asia.
Image: Headquarters of Avery Dennison in Glendale, California, US. Photo: courtesy of Coolcaesar.