The transaction includes Avery Dennison’s office and consumer products and its designed and engineered solutions businesses. The businesses had combined revenue of about $910 million in 2012.
The transaction requires regulatory approval but subject to that is expected to close by mid-2013.
Geoffrey Martin, president and chief executive of CCL Industries, said, “This acquisition has the potential to transform our company at many levels.
“We are acquiring the Avery brand as part of the transaction to build on the franchise established for many decades for labels and other printable media that consumers and businesses use in digital computer printers around the world. In addition, we are significantly expanding our CCL Label market sectors with our entry into the North American durable goods market.
“This acquisition is the largest in CCL’s history and takes the company’s pro-forma annual revenue above $2 billion for the first time.
“We know both businesses well and have admired the people and the products for many years. We expect the transaction to be accretive on an earnings per share basis in 2014 and beyond as the valuation falls well within the established financial parameters for CCL’s acquisitions in the label industry over the last decade.”