- May 22, 2002, PRESS RELEASE
PASADENA, CA, USA - Avery Dennison Corp. recently announced the completion of its acquisition of Jackstädt GmbH. The transaction, for which the definitive agreement was announced early last September, had a purchase price of approx. $295 million, including assumption of debt. Based in Wuppertal, Germany, Jackstädt is a manufacturer of pressure-sensitive materials with consolidated revenues of about $400 million (US) in 2001, adds Avery.
"The combination of Avery Dennison and Jackstädt is an ideal strategic fit in our core pressure-sensitive materials business," says Philip Neal, chairman and CEO of Avery Dennison. "Customers of both companies will benefit from this transaction, as we will be able to offer an even broader selection of products and services around the world."
Avery Dennison also says it expects to post an acquisition-related restructuring charge in the range of $30 to 40 million (US) by the end of 2002. Reorganization costs, adds the co., on a cash basis, are expected to be in the range of $60 to 70 million and are expected to include expenses related to the reduction of approximately 800 to 1,000 positions within the next two years at Avery Dennison and Jackstädt operations worldwide.
More information about Avery Dennison is available at averydennison.com.