Avery Dennison Corp. will sell two of its businesses for $500 million in cash to CCL Industries Inc., a Canadian maker of specialty packaging, the Pasadena-based company announced Wednesday.
The sale comes three months after Minnesota-based 3M abandoned its plans to purchase Avery Dennison's office and consumer products unit. The U.S. Department of Justice had opposed that deal because of antitrust concerns.
Now Toronto-based CCL has agreed to acquire that unit, which had sales of $730 million in 2012. The division's products include Hi-Liters and Marks-A-Lot markers as well as binders. CCL also agreed to acquire Avery's designed and engineered solutions division, which makes pressure-sensitive labels for packaging and posted 2012 sales of $180 million.
"CCL is one of our largest customers, and we have a long-standing relationship with them," said Avery Dennison chief executive Dean A. Scarborough. "We are pleased that they will become the steward of the Avery brand for office products."