3M (MMM) to Acquire OCP from Avery Dennison (AVY) in $550M Cash Deal
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3M (NYSE: MMM) announced today that it has entered into a definitive agreement to acquire the Office and Consumer Products business (“OCP”) of Avery Dennison Corp.(NYSE: AVY) for a total purchase price of $550 million in cash, subject to post-closing adjustments.
On a GAAP-reported basis, 3M estimates the acquisition will be approximately $0.06 dilutive to earnings per share in the first 12 months following closing. Excluding purchase accounting adjustments and anticipated integration expenses, 3M estimates the acquisition will be $0.03 accretive to earnings over the same period.
On a GAAP-reported basis, 3M estimates the acquisition will be approximately $0.06 dilutive to earnings per share in the first 12 months following closing. Excluding purchase accounting adjustments and anticipated integration expenses, 3M estimates the acquisition will be $0.03 accretive to earnings over the same period.
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