Acquisition expected to strengthen 3M in office supply sector

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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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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3M gives up on acquisition amid Justice Department antitrust threat

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.

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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."

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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.

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