Avery Dennison Closes Deal for Hanita

Avery Dennison Corp. has completed the acquisition of pressure-sensitive materials manufacturer Hanita Coatings RCA Ltd. The Glendale maker of pressure-sensitive labels paid $75 million to purchase Hanita Coatings from Kibbutz Hanita and Tene Investment Funds, all based in Israel. Under the deal, first announced Dec. 13, Hanita Coatings will become Avery Dennison Hanita. It will continue to operate as a distinct business unit, Avery said. Avery broke the news about the acquisition after trading hours on Thursday. The company’s stock (AVY) fell 1 cent on Friday to close at $81.76 on the New York Stock Exchange.