PASADENA, Calif.--Sept. 22, 2004-- Avery Dennison Corporation announced that it has completed its acquisition of woven label manufacturer Rinke Etiketten, a privately held company based in Sprockhovel, Germany with annual sales in 2003 of 20 million euros, or approximately $25 million. The operation will become part of Avery Dennison's Retail Information Services business, expanding its manufacturing capabilities to include a complete product line of high-quality woven labels for the apparel and retail industries. Terms of the transaction were not disclosed.
"The Rinke acquisition is consistent with our strategy to strengthen our existing businesses with smaller, bolt-on acquisitions in key growth markets around the world," said Philip M. Neal, chairman and chief executive officer of Avery Dennison. "Rinke has an excellent reputation in the marketplace for exceptionally high standards of creativity, design, variety, quality and service in the woven labels sector. The addition of Rinke's operations to Avery Dennison's Retail Information Services business further enhances our position as a leading supplier of global brand identification products and information management systems to the apparel and retail industries."
Rinke's workforce of approximately 200 employees will continue to work at the Rinke manufacturing facility in Sprockhovel, Germany, located near Dusseldorf. The Rinke operation will report to Avery Dennison's European headquarters for its Retail Information Services business, which is based in Wooburn Green, U.K.
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