Multi-Color Corp Completes Purchase of Decorating Division of Avery Dennison
Press release from the issuing company
CINCINNATI, Jan. 21 -- Multi-Color Corporation announced that it completed the purchase of the North and South American Decorating Technologies Division of Avery Dennison Corporation under the recently announced agreement on Friday, January 17, 2003. Avery Dennison's Dec Tech division, the pioneer of Heat Transfer Label technology, is a $20 million supplier of heat transfer labels in North and South America to the health & beauty aids, beverage and food industries.
"Through this acquisition, Multi-Color becomes the world's leading provider of both in-mold and heat transfer labels," said Frank Gerace, President and Chief Executive Officer of Multi-Color Corporation. "It also allows us to expand our cross-sell opportunities as there is little overlap in customers."
With approximately 40% of its sales outside the United States, Framingham, Massachusetts-based Dec Tech expands Multi-Color's sales base in Latin and South America, while also adding narrow web gravure printing capability to Multi-Color's wide web gravure, flexographic and lithographic printing platforms.
"We have become a comprehensive business resource for our consumer products, food and beverage customers," added Gerace. "In addition to offering a complete line of label solutions, we provide a variety of packaging, assembly, technical and graphic services; all designed to assist our customers with their own cost reduction programs by helping them lower their overall packaging costs."
Multi-Color also takes ownership of all North and South American patents and trademarks related to the Dec Tech business, including Clear ADvantage(TM) the world's # 1 brand of "no-label look" heat transfer labels. Dec Tech has received numerous industry awards for innovation and graphic excellence. "The Dec Tech acquisition will definitely add some punch to our food and beverage market strategy," commented Gerace.
This is Multi-Color's third acquisition since October of 2001.
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