Avery Dennison acquires Paxar

By Lisa Kerner

Charlotte, N.C., June 15 - Avery Dennison Corp. completed its $30.50-per-share acquisition of Paxar Corp. on Friday. Paxar shareholders approved the $1.34 billion cash deal at the company's annual meeting on June 14.

The companies entered into a definitive agreement on March 22.

Avery Dennison said it expects its retail information services business to represent about 24% of the company's revenues, an increase of some 12%.

Paxar's chairman, president and chief executive officer Rob van der Merwe will leave the company. Terry L. Hemmelgarn, newly named group vice president of retail information services, will head the combined RIS Group, a company news release stated.

Pasadena, Calif.-based Avery Dennison specializes in pressure-sensitive labeling materials, office products and retail tag, ticketing and branding systems.

Paxar, located in White Plains, N.Y., provides identification solutions to the retail and apparel industry.

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