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
Source: Reuters
INEOS Styrolution, the global leader in styrenics, has today announced the official opening of a new world-scale ABS[1] facility located in Ningbo, China, together with its joint venture partner SINOPEC. The facility has an annual nameplate capacity of 600,000 tonnes.
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