3M to Acquire the Office and Consumer Products Business of Avery Dennison Corp.

St. Paul, Minnesota-based 3M announced that it has entered into a definitive agreement to acquire the office and consumer products (OCP) business of Avery Dennison Corp. for a total purchase price of $550 million in cash, subject to post-closing adjustments.

The office and consumer products business of Avery Dennison Corp. is one of the world's leading suppliers of office and education products, including labels, binders, presentation products, filing and indexing products, writing instruments, and other office and home organization products. OCP also includes the Avery, HI-LITERS, and Marks-A-Lot brands in the U.S., Canada, Germany, France, United Kingdom, Australia, New Zealand, and several other countries. Sales in 2011 are estimated to be $765 million with EBITDA of $95 million.