Avery Dennison PPF Line Now CCL IndustriesJuly 1st, 2013 | Category: Featured Content
Avery Dennison Corp. has completed the sale of its Designed and Engineered Solutions (DES) and Office and Consumer Products businesses to CCL Industries Inc. for $500 million, subject to customary closing adjustments expected to be finalized during the third quarter.
The company filed an amendment to the definitive purchase agreement on form 8-K with the U.S. Securities and Exchange Commission.
“Paint protection film is a part of DES and DES is part of the businesses we finished the sale of today … they are now, as of today a part of CCL,” confirmed Avery Dennison spokesperson David Frail in an exclusive interview with Window Film magazine.
Avery Dennison continues to expect net proceeds from the sale of approximately $400 million, and intends to use them to repurchase shares and make an additional pension plan contribution.
A statement from CCL says 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.”
Phillip Novac, former director of marketing and business development for Avery Dennison who moved over to CCL with the PPF line, says dealers who use the PPF will see “no changes in the line or how we go to market … just the name on the door changes from Avery Dennison to CCL Industries.”