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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.