Mentor, Ohio-based graphic films manufacturer Avery Dennison announces that it will be acquiring Israel-based Hanita Coatings, a pressure-sensitive materials manufacturer of specialty films and laminates.
The purchase is from Kibbutz Hanita Coatings and Tene Investment Funds for $75 million. In addition to its headquarters, Hanita Coatings has sales and distribution facilities in the U.S., Germany, China and Australia.
The company develops and manufacturers coated, laminated and metallized polyester films for a range of industrial and commercial applications. Hanita Coatings’ window films are used in architecture and automotive aftermarkets; its top-coated polyester films are used in the manufacture of durable labels; and its ultra-high barrier films form part of insulation systems used in refrigeration, buildings and cold chain packaging.
“We see clear opportunities to leverage our strong global organization and established brand to help accelerate Hanita Coatings’ product commercialization around the world,” says Mitch Butier, Avery Dennison president and CEO. “In addition to expanding our product portfolio and providing new growth opportunities, Hanita Coatings’ culture of innovation and long-standing commitment to R&D are a strong fit with our own company’s 80-year history of innovation in materials science.”
Hanita Coatings is a 33-year-old company that had sales in 2015 of approximately $50 million, spread across more than 40 countries. The company employs more than 220 people, most of them at its headquarters.
Avery Dennison expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.