Radio-frequency identification (RFID) technology and the Internet of Things (IoT) solutions provider Smartrac Technology has sold its RFID Transponder Division to Avery Dennison.

The division was sold for €225m and has an estimated global revenue of approximately €125m and 900 employees.

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According to the deal, Avery Dennison will take over Smartrac’s Transponder business and related assets that include manufacturing, research and development (R&D), sales, administration facilities and employees.

Avery Dennison has also agreed to undertake the contractual obligations to employees, customers and suppliers.

The transaction will benefit Avery Dennison’s Intelligent Labels platform. The combined entity will have more than $450m in revenue and enhanced manufacturing capacity, product lines, and R&D capabilities.

Smartrac CEO and management board chairman Christian Uhl said: “What we are announcing today is a big change in Smartrac’s history. Our people and capabilities are very complementary to Avery Dennison, hence offer a perfect basis to expand market success.

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“We are convinced that our RFID inlays and tags business will face a bright future as part of Avery Dennison’s Intelligent Labels business, which is set to thrive on the rise of the Internet of Things and the growing customer demand for connected products.”

Avery Dennison’s existing cash and credit facilities will finance the acquisition.

Expected to be completed in the next few months, the deal is subject to regulatory approvals and other customary closing conditions.

Based in Amsterdam, the Netherlands, Smartrac has manufacturing facilities in Germany, Malaysia, China, and the US.