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
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
The merger of Röhm’s Acrylic Products business unit and SABIC’s Functional Forms business has resulted in the formation of Polyvantis. This new company will offer extruded products in the forms film, sheet, pipe and rod for markets that include building and construction, transportation and aviation, electrical and electronics, automotive and home and garden.
Abu Dhabi National Oil Co. (Adnoc) is considering plans to acquire upstream oil and gas company Wintershall DEA, an affiliate of BASF SE, according to a Bloomberg report citing people with knowledge of the matter. A deal to acquire Wintershall DEA could be worth more than €10 billion, the report said. BASF and Adnoc declined to comment on the report.