Diversified manufacturer 3M, St. Paul, MN, has agreed to acquire the Office and Consumer Products business of Avery Dennison Corp. for a total purchase price of $550 million in cash, subject to post-closing adjustments.
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The Office and Consumer Products business of Avery Dennison supplies office and education products, including labels, binders, presentation products, filing and indexing products, writing instruments, and other office and home organization products. Sales in 2011 are estimated to be $765 million with EBITDA of $95 million.
\”This acquisition complements our global business, which includes our iconic Post-it and Scotch brands, and will allow us to better serve our customers with accelerated product innovation,\” said Bill Smith, vice president and general manager, 3M Office Supplies Division.
OCP is headquartered in Brea, CA, and employs 3,000 people globally.