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Wednesday, January 30, 2013

CCL Industries to purchase Avery Dennison businesses for $500 mln, (NYSE: AVY)

Label and specialty packages maker CCL Industries Inc said it would purchase two businesses of U.S. label and office supplies maker Avery Dennison Corp for $500 million. CCL Industries Chief Executive Geoffrey Martin said the acquisition was the largest in the company's history and would take its pro-forma annual revenue above $2 billion for the first time.

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 remained unchanged at $36.14. 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 0.