Avery Dennison to Acquire Label Maker

Label and packaging materials maker Avery Dennison Corp. has announced it will buy a similar company headquartered in Tennessee.The Glendale manufacturer has entered a deal to acquire JDC Solutions, a Mount Juliet, Tenn.-based producer of pressure-sensitive tapes, for $24 million.JDC brings in revenue of about $30 million a year by selling its products to customers in the automotive, appliance and construction industries.The acquisition is expected to close in the next six weeks.When it does, JDC’s roughly 75 employees, product portfolio and manufacturing assets will join Avery Dennison’s Performance Tapes North America line of business.The transaction is Avery Dennison’s second buy of the year. In January, it spent $88 million to acquire ACPO Ltd., a label and tape manufacturer with operations in Ohio, Georgia, Wisconsin and Washington.Shares of Avery Dennison (AVY) closed Friday up $3.87, or about 2 percent, to $177.23 on the New York Stock Exchange. The market was closed Monday for Presidents Day.