Avery Dennison buys Mactac Europe

Avery Dennison has acquired the European business of Mactac from Platinum Equity, a California-based private equity firm. The deal does not include Mactac’s business in the U.S., Canada and Mexico and its North American exports, which will remain with Platinum Equity.

Mactac mainly manufacturers pressure-sensitive materials, serving several high-value segments, including graphics, specialty labels and industrial tapes. As such it should be a good fit for Avery Dennison with broadly complementary products. Avery Dennison has said that it will maintain the Mactac brand name for graphic films.

The deal was worth €200 million including assumed debt. Avery Dennison will fund the acquisition with existing cash and credit facilities. The acquisition is expected to close within three months, subject to customary conditions and approvals. It is expected to have an immaterial impact to Avery Dennison’s earnings per share in 2016 and be approximately ten cents accretive to EPS in 2017.

The deal includes a manufacturing facility in Soignies, Belgium, along with sales offices and warehouses in Europe and Asia and some 470 staff. Mactac Europe also serves customers in South America, Asia Pacific, the Middle East, and North Africa. Mactac Europe reported 2015 year-end revenues of €147 million.

Mitch Butier, president and COO, Avery Dennison, says that the deal will create a stronger European team, adding: “We plan to continue operating Mactac’s manufacturing facility in Soignies, Belgium and to make the facility and its people a key driver of Avery Dennison’s future innovation and growth in Europe.”


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