Innovative labelmaker Avery Dennison of Pasadena is getting out of the office products business.
Hi-Liters and Marks-A-Lot makers will no longer be products that Pasadena-based Avery Dennison sells. The company reported earnings for the fourth quarter of 2012 — but also announced that it’s selling its office products division to Canada’s CCL, for $500 million in cash.
The deal has to be approved be regulators, but should be completed by mid-2013.
In that context, earnings were just frosting on the cake. Avery Dennison exceeded its 2011 profits for the same quarter by a huge margin: $49 million versus $22 million.
That’s impressive, given that revenue only rose by about 5 percent, to $1.53 billion for the quarter.
Wall Street was pleased, pushing the stock price to highs not seen since 2011.