Avery Dennison is buying specialty films and laminates manufacturer Hanita Coatings from Kibbutz Hanita Coatings and Tene Investment Funds for $75m.
Headquartered in Israel, with sales and distribution facilities in the US, Germany, China and Australia, Hanita Coatings develops and manufactures coated, laminated, and metallised polyester films for industrial and commercial applications.
“We see clear opportunities to leverage our strong global organisation and established brand to help accelerate Hanita Coatings’ product commercialisation around the world,” said Mitch Butier, Avery Dennison president and CEO. “In addition to expanding our product portfolio and providing new growth opportunities, Hanita Coatings’ culture of innovation and long-standing commitment to R&D are a strong fit with our own company’s 80-year history of innovation in materials science.”
With 2015 sales of roughly $50m, Hanita Coatings currently employs more than 220 employees, most of whom are located at the company’s headquarters in Israel’s Western Galilee. Avery Dennison expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.