3M Grabs Avery Dennison Office Products Unit For $550M

Law360, New York (January 3, 2012, 5:39 PM EST) -- Diversified manufacturer 3M Co. has agreed to buy the office and consumer products business of California-based Avery Dennison Corp. for $550 million in cash to strengthen its presence in the global office supply sector, the companies announced Tuesday.

The two multinationals signed a definitive agreement that is expected to be completed in the second half of this year. Avery Dennison says it intends to use proceeds from the all-cash deal to reduce debt, make additional pension contributions and repurchase shares.

The purchase is expected to bolster...
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