By Marie Roberts / Guest writer
The Meridian Star
Avery Dennison Corp. sold its Office and Consumer Products and Designed and Engineered Solutions businesses to Canadian company CCL Industries Inc. for $500 million. This sale, which was effective July 1, includes the Meridian-based site.
"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," a statement on CCL Industries website states.
Located on Highway 45 North, the Meridian location boasts both a manufacturing site and warehouse facility, and employs hundreds of workers on a three-shift schedule.
Toronto-based CCL Inc. is a specialty packaging company, and plans to use the newly acquired division as a pillar of CCL’s label reporting segment, according to reports. This includes pressure-sensitive materials, films and adhesives.
CCL Industries employs about 9,800 people and operates 87 production facilities in 25 countries, with corporate offices in Toronto and Framingham, Mass, according to the company's website.
With the addition of the Meridian facility, as well as Avery’s headquarters located in Pasadena, Cali., CCL Inc. has expanded its business size tremendously, according to a news release.
CCL President and CEO Geoffrey Martin states in the news release that the acquisition is a move in the right direction: “We know both businesses well and have admired the people and the products for many years.”
Avery Dennison had planned to sell its office supply business to Post-it Note maker 3M Co. last year for $550 million, but the deal was called off by the U.S. Justice Department because of antitrust concerns.
CCL Inc. appointed Jim Sellors as President of Avery North America effective July 1.
To date, no information has been released regarding any possible changes at the Meridian site.