Feds could block 3M-Avery Dennison deal

The U.S. Department of Justice may step in on a multi-million dollar deal that would combine two of the largest label makers in the world.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Sep 4, 2012

3M's purchase of Avery Dennison Corporation's office product unit could bring on a lawsuit by the U.S. Justice Department if the companies don't abandon the transaction, Bloomberg reports. The $550 million deal would combine the two largest label makers in the world. It is not clear why the agency wants to block the deal.

The Maplewood-based firm also made headlines Tuesday for completing its acquisition of Federal Signal Technologues Group, a company that makes electronic toll collection and parking management hardware, according to the Pioneer Press.

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3M Co. still wants to complete a $550 million deal to buy Avery Dennison Corp.'s office-products division, according to a Wednesday morning statement. On Tuesday, the U.S. Department of Justice said the Maplewood-based company decided to terminate the proposed acquisition after the agency threatened to block the deal.

3M's chief financial officer says the Maplewood-based company is still trying to address objections by the U.S. Department of Justice to purchase Avery Dennison's office-supplies division for $550 million. Reuters reports CFO David Meline told investors, "We have a contract that remains in place at the present time and we are reviewing the situation."

3M's plan for a $550 million acquisition of Avery Dennison Corp.'s office products division has been cancelled. The Justice Department planned an antitrust lawsuit if the companies went through with the deal, which would have given 3M control of more than 80 percent of the market for labels and sticky notes.

The Porton Group and its partners filed a lawsuit claiming the Maplewood company failed to deliver on a promise to market a diagnostic test for hospitals. 3M made a multimillion-dollar deal to acquire the test in 2007, but much of the payout was tied to future sales. A year later, 3M had dropped the product, BacLite. The investment fund had sought $40 million in the suit. Both sides have claimed a victory in the case.

3M announced Tuesday that it will acquire California-based Avery Dennison Corporation for $550 million in cash. The company specializes in labels, binders, presentation products, and highlighters. The move is expected to strengthen 3M's position in the worldwide office-supply sector.

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