Hanita develops and manufactures coated, laminated, and metallized polyester films.
Avery Dennison Corporation (NYSE:AVY) today announced it has agreed to acquire Hanita, a pressure-sensitive materials manufacturer of specialty films and laminates from Kibbutz Hanita and Tene Investment Funds for the purchase price of $75 million, subject to customary adjustments.
Hanita is headquartered in Israel, with sales and distribution facilities in the United States, Germany, China and Australia. The company develops and manufactures coated, laminated, and metallized polyester films for a range of industrial and commercial applications, all of which require high performance and superior quality.
Hanita's 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's product commercialization around the world," said Avery Dennison president and CEO Mitch Butier. "In addition to expanding our product portfolio and providing new growth opportunities, Hanita's 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," he added.
Hanita currently employs more than 220 employees, most of them at the company's headquarters in Israel's Western Galilee. The 33-year-old company generates sales in more than 40 countries. 2015 sales totaled some $50 million,
"We are excited to be joining forces with such a global industry leader and see it as a great opportunity for Hanita to realize its full potential," said Hanita CEO Oved Shapira, "I am convinced that Avery Dennison's resources, distribution channels, and brand will benefit our customers across all our markets, enabling continued innovation through future investment and improved manufacturing efficiency.
"This acquisition also provides employment opportunities to strengthen the periphery, as well as prospects for our employees as part of a global company. We're proud that Avery Dennison has chosen to invest in Hanita Coatings and the Western Galilee."
Avery Dennison says that it expects that completion of the transaction will take up to a few months, subject to customary closing conditions and approvals.