Global manufacturer Avery Dennison has announced a deal to acquire Israel-based manufacturer Hanita Coatings, in a move that will eventually be worth around $75m (£59m).
The deal was announced on 13 December and is expected to be agreed in the next few months, subject to customary closing conditions and approvals.
Founded in 1983, $55m-turnover Hanita Coatings is a private company joint-owned by Kibbutz Hanita Coatings and Tene Investment Funds. It employs around 220 people, mainly at headquarters in Galilee, Israel, but it also has a number of sales offices across the world.
It manufactures pressure-sensitive films, mainly speciality films and laminates, for a range of industrial and commercial applications. It also has a range of durable substrates for digital print, including its Dura-Go plastic media made for HP Indigo digital presses.
Its window films are used in architecture and automotive aftermarkets, its top-coated polyester films are used to manufacture durable labels and its ultra-high barrier films make up part of insulation systems used in refrigeration.
Avery president and chief executive Mitch Butier said he could see clear opportunities to leverage Hanita’s product commercialisation around the world. He also praised Hanita’s “long-standing commitment to R&D”.
Hanita chief executive Oved Shapira said he was convinced Avery’s resources could benefit its customers across all markets.
It’s been a busy year for $6bn-turnover Avery, which employs more than 25,000 employees worldwide. It announced its first acquisition, the European division of Mactac, in April, and the deal completed in August.
It also launched a number of new products, including a range of new wall films, in March and a coloured cast overlaminate film, designed specifically for vehicle wraps, in April.