Avery Dennison – Acquisition of Hanita Coatings
ISRAEL • Avery Dennison Corporation 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 USD 75 million, subject to customary adjustments.
Headquartered in Israel, with sales and distribution facilities in the United States, Germany, China and Australia, Hanita Coatings develops and manufactures coated, laminated, and metalized polyester films for a range of industrial and commercial applications. With 2015 sales of roughly USD 50 million, Hanita Coatings currently employs more than 220 employees, most of whom are located at the company’s headquarters in Israel’s Western Galilee. The 33-year-old company generates sales in more than 40 countries. Hanita Coatings’ window films are used in architecture and automotive aftermarkets; its top-coated polyester films are used in the manufacture of durable labels; and its ultra-high barrier films form part of insulation systems used in refrigeration, buildings and cold chain packaging.
Avery Dennison expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.