Avery Dennison Agrees to Sell Business Unit to 3M

PASADENA, Calif.—Avery Dennison Corporation announced that it has signed a definitive agreement to sell its Office and Consumer Products business (OCP) to 3M Company for $550 million in cash. The transaction is subject to customary closing conditions and regulatory approvals.

“The sale of our Office and Consumer Products business to 3M presents the best opportunity to maximize OCP’s value for Avery Dennison’s shareholders, and complements 3M’s global portfolio,” said Dean A. Scarborough, Avery Dennison chairman, president, and chief executive officer. “Our industry-leading Pressure-sensitive Materials and Retail Branding and Information Solutions businesses, combined with our strong balance sheet, make us well positioned for profitable growth and increased return of cash to shareholders.”