 "Avery Dennison buys Hanita Coatings for $ 75 mn")
Avery Dennison Corporation, one the leading global players in labelling and packaging materials and solutions, has acquired Hanita Coatings, a pressure-sensitive materials manufacturer of specialty films and laminates, from Kibbutz Hanita Coatings and Tene Investment Funds for $ 75 million.
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 a range of industrial and commercial applications.
Hanita Coatings’ window films are used in architecture and automotive aftermarkets; its top-coated polyester films are used in the manufacture of durable labels; and its ultra-high barrier films form part of insulation systems used in refrigeration, buildings and cold chain packaging.
“We see clear opportunities to leverage our strong global organization and established brand to help accelerate Hanita Coatings’ product commercialisation around the world. 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,” said Mitch Butier, president and CEO, Avery Dennison.
With 2015 sales of roughly $ 50 million, Hanita Coatings currently employs more than 220 employees, most of whom are located at the company’s headquarters in Israel’s Western Galilee.
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