California-based Avery Dennison has agreed to buy Hanita Coatings from the Hanita kibbutz and the Tene investment fund for $75 million, the Calcalist financial news website said on Sunday.
The company has signed a memorandum of understanding and is concluding its due diligence, after which it will pay $66 million. The remaining $9 million will be paid upon reaching certain milestones, Calcalist said.
Officials at Hanita Coatings, which produces polyester films and laminates for industrial and commercial applications, could not be reached for comment.
Avery Dennison manufactures pressure-sensitive adhesive materials, apparel branding labels and specialty medical products. It had sales of $6 billion in 2015.
By Tova Cohen
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.