Avery Dennison has agreed to acquire Hanita Coatings, a pressure-sensitive materials manufacturer of specialty films and laminates, from Kibbutz Hanita Coatings and Tene Investment Funds for the purchase price of $75 million, subject to customary adjustments.
Hanita Coatings is headquartered in Israel and has sales and distribution facilities in the United States, Germany, China and Australia.
“We see clear opportunities to leverage our strong global organization and established brand to help accelerate Hanita Coatings’ product commercialization around the world,” says Mitch Butier, Avery Dennison’s president and CEO. “In addition to expanding our product portfolio and providing new growth opportunities, Hanita Coatings’ culture of innovation and long-standing commitment to R&D are a strong fit with our own company’s 80-year history of innovation in materials science.”
Hanita Coatings employs more than 220 people – most of whom are located in Israel – and its sales in 2015 reached roughly $50 million. The 33-year-old company generates sales in more than 40 countries.
“We are excited to be joining forces with such a global industry leader and see it as a great opportunity for Hanita Coatings to realize its full potential,” says Oved Shapira, CEO of Hanita Coatings. “I am convinced that Avery Dennison’s resources, distribution channels and brand will benefit our customers across all our markets, enabling continued innovation through future investment and improved manufacturing efficiency.”
Avery Dennison expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.
Avery Dennison
(626) 304-2000; www.averydennison.com