Avery Dennison announced a definitive agreement to acquire the European business of Mactac from Platinum Equity, a California-based private equity firm, for the purchase price of EUR 200 million including assumed debt. With 2015 year-end run-rate revenues of EUR 147 million, or approximately $170 million, and approximately 470 employees, the business is a leading manufacturer of high quality pressure-sensitive materials, serving several high-value segments, including graphics, specialty labels and industrial tapes. Mactac’s core product lines complement Avery Dennison’s existing graphics portfolio. With a manufacturing facility in Soignies, Belgium, along with sales offices and warehouses in Europe and Asia, the Mactac business expands Avery Dennison’s global footprint and provides needed capacity to support its growth. Through export sales, Mactac Europe also serves customers in South America, Asia Pacific, the Middle East, and North Africa. The transaction excludes the Mactac business in the U.S., Canada and Mexico and its North American exports. The acquisition is expected to have an immaterial impact to earnings per share in 2016 and be approximately ten cents accretive to EPS in 2017. Avery Dennison will maintain the Mactac brand for graphic films, building on its existing strengths and customer relationships.

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