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Avery Dennison recently announced that it has signed a definitive agreement to sell its Office and Consumer Products (OCP) and Designed and Engineered Solutions (DES) businesses to CCL Industries for $500 million in cash.
“This sale is consistent with our goal of maximizing the value of our businesses for Avery Dennison’s shareholders, and focusing on our industry-leading Pressure-sensitive Materials and Retail Branding and Information Solutions businesses,” said Dean A. Scarborough, Avery Dennison chairman, president and chief executive officer. “CCL is one of our largest customers, and we have a long-standing relationship with them. We are pleased that they will become the steward of the Avery brand for office products and augment their specialty converting portfolio through this transaction.”
Avery Dennison intends to use the expected net sale proceeds of approximately $400 million to repurchase shares and make an additional pension contribution.
Avery Dennison’s Office and Consumer Products business  supplies printable media and other products globally,  while their Designed and Engineered Solutions business manufactures custom pressure-sensitive labels and coated films for durable goods, electronics and speciality packaging.