Avery Dennison has closed its previously announced acquisition for China-based Yongle Tape, a maker of cable harnessing and insulation tapes. No financial terms were disclosed for the transaction; however, an earlier item on this deal reported the amount to be $190 million. The sellers were ShawKwei & Partners and Yongle management.
GLENDALE, Calif.–(BUSINESS WIRE)–Avery Dennison Corporation (NYSE:AVY) today announced it has completed the acquisition of Yongle Tape Company Ltd., a manufacturer of specialty tapes and related products in a variety of industrial markets, from its management and private equity firm ShawKwei & Partners.
Headquartered in China’s Hebei Province, with production facilities in Zhuozhou and Shanghai, Yongle Tape is China’s leading manufacturer of cable harnessing and insulation tapes. The company is a key supplier to both Chinese and global automakers, with a portfolio of high-value products that are specified by the automotive OEMs and their suppliers.
Yongle Tape will operate within Avery Dennison’s Industrial and Healthcare Materials business group, working in close collaboration with the company’s global Performance Tapes and Fastener Solutions businesses.
About Avery Dennison
Avery Dennison (NYSE:AVY) is a global leader in pressure-sensitive and functional materials, and labeling solutions for the retail apparel market. The company’s applications and technologies are an integral part of products used in every major industry. With operations in more than 50 countries and more than 25,000 employees worldwide, Avery Dennison serves customers in the consumer packaging, graphical display, logistics, apparel, industrial and healthcare industries. Headquartered in Glendale, California, the company reported sales of $6.1 billion in 2016. Learn more at www.averydennison.com.