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Avery Dennison Corporation (NYSE:AVY) announced today it has completed the sale of its Office and Consumer Products and Designed and Engineered Solutions businesses to CCL Industries Inc. (TSX:CCL.A) (TSX:CCL.B) for $500 million, subject to customary closing adjustments expected to be finalized during the third quarter.
The company today filed an amendment to the definitive purchase agreement on form 8-K with the U.S. Securities and Exchange Commission.
Avery Dennison continues to expect net proceeds from the sale of approximately $400 million, and intends to use them to repurchase shares and make an additional pension plan contribution.
