Avery Dennison Corp said it would sell its consumer and office supplies unit, which includes Avery labels and HI-LITERS markers, and its coated films business to Canada's CCL Industries Inc for $500 million.Avery shares rose more than 10 percent to $39.76 in early trading on the New York Stock Exchange on Wednesday. CCL shares were up 9 percent at C$49.99 on the Toronto Stock Exchange.The sale comes three months after 3M Co dropped its $550 million offer to purchase Avery's office and consumer products business following anti-trust concerns.Avery said the sale of the businesses would help it focus on its pressure-sensitive materials business, which makes label and packaging materials.
Avery Dennison Corporation (Avery Dennison) is engaged in the production of pressure-sensitive materials, and a variety of tickets, tags, labels other converted products, and office and consumer products. Shares of AVY traded higher by 7.94% or $2.87/share to $39.01. In the past year, the shares have traded as low as $26.18 and as high as $36.76. On average, 703921 shares of AVY exchange hands on a given day and today's volume is recorded at 477773.
3M Company (3M) is a diversified technology company with a presence in the industrial and transportation; health care; consumer and office; safety, security and protection services; display and graphics, and electro and communications businesses. Shares of MMM fell by 0.01% or $-0.01/share to $101.80. In the past year, the shares have traded as low as $81.99 and as high as $101.87. On average, 2828040 shares of MMM exchange hands on a given day and today's volume is recorded at 145885.
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