Avery Dennison Inks Sales Agreement and 4 Stocks Riding 52-Week Highs
Avery Dennison Corporation (NYSE:AVY): Closing price $38.44
Avery Dennison is divesting its Office and Consumer Products and Designed and Engineered Solutions units to CCL Industries a at a price of $500 million in cash. The transaction should close in mid-2013. The firm will use the net sale proceeds of about $400 million for the repurchase of shares and to make an additional pension contribution. The aggregate 2012 adjusted EBITDA for OCP and DES was roughly $110 million. Shares closed up 6.36 percent in the day at $38.44, and have been traded in a 52-week range of $26.18 to $36.76.