Deals
Avery Dennison Gains on Office-Division Sale: Los Angeles Mover
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Avery Dennison Corp. closed at the highest price since July 2011 after reporting quarterly profit that beat analysts’ estimates and agreeing to a deal for its office products unit that 3M Co. scrapped a bid for in October.
Avery Dennison will sell the office products business and its label-converting unit to CCL Industries Inc. for $500 million in cash, according to a statement today. Separately, the Pasadena, California-based company reported fourth-quarter profit excluding some items of 54 cents a share, topping the 49-cent average of analysts’ estimates compiled by Bloomberg.