CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) ("CCL"), a world leader in specialty label and packaging solutions for global corporations, small businesses and consumers, confirmed that it has completed the acquisition of Avery Dennison’s Office & Consumer Products ("OCP") and Designed & Engineered Solutions ("DES") businesses, which was previously announced on 30 January 2013, for a debt-free cash purchase price of US$500m, subject to customary post-closing adjustments to be finalized during the third quarter.
The OCP business will cease to use its former Avery Dennison divisional identity and trade with immediate effect simply as "Avery", becoming a publicly reportable operating segment of CCL, with effect from the third quarter of 2013.
The company announced that it is appointing Jim Sellors as president of Avery North America with immediate effect. Mr. Sellors is a long-term CCL leader most recently serving as group vice president of the North American and Australian Healthcare & Specialty label business. Prior to CCL, he spent several years in the United States in Marketing & Product Development at Newell Rubbermaid. Mark Cooper has been appointed vice president and managing director for Avery in Europe and Asia Pacific and will join CCL in August from Bong AB, a leading European supplier of envelopes. Mr. Cooper previously spent more than 20 years at Avery Dennison, predominantly in their OCP sector in both Europe and the United States.
Both executives will report to Geoffrey T. Martin, president and CEO of CCL, who commented: "I would like to acknowledge Tim Bond, president of OCP Worldwide, for the excellent support he has given us in the lengthy transition and integration process which will continue through the summer period. He indicated early on that he may well pursue an alternative path for personal and professional reasons and so it has proved. I’m sure many of our customers and new employees will join me in thanking him for his leadership, particularly during the exhaustive divestiture period, and wish him every success in the future. We are very fortunate to have found two such highly experienced leaders to succeed him and take the iconic ‘Avery’ brand with its global reputation as a digital printing enabler into a successful future under CCL ownership."
The DES business will be integrated into and augment an enlarged CCL Label reporting segment. Acquired operations involved in the automotive and consumer durables markets will trade as CCL Design alongside the company’s existing business in Germany. Remaining DES facilities will become important additions to the market sector business units of CCL Label. CCL Container will continue as the third reporting segment of the company.