Avery Dennison to acquire Hanita Coatings for $75m
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 $75 million.
Headquartered in Israel with sales and distribution facilities in the United States, Germany, China and Australia, Hanita Coatings develops and manufactures coated, laminated, and metallised polyester films for a range of industrial and commercial applications.
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.
With 2015 sales of roughly $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.
Avery Dennison expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.
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