Avery Dennison Signs Agreement to Acquire Thermopatch

Avery Dennison has signed an agreement to acquire Thermopatch, a leader specializing in labeling, embellishments, and transfers for the sports, industrial laundry, workwear and hospitality industries. After the deal closes, which is expected to happen in the first quarter of 2023, Thermopatch will become part of the company's Retail Branding and Information Solutions (RBIS) Apparel Solutions division. The acquisition will allow the combined business to build on collective industry knowledge, leveraging the company's know-how, quality, and service to drive growth in external embellishments. Thermopatch, headquartered in Syracuse, New York, had revenues of approximately $40 million in 2022, with around 200 employees, with operations in North America and Europe.

Avery Dennison Corporation is a global materials science company specializing in the design and manufacture of a wide variety of labeling and functional materials. The company’s products, which are used in nearly every major industry, include pressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical, and retail applications; tags, labels and embellishments for apparel; and radio frequency identification (RFID) solutions serving retail apparel and other markets. The company employs approximately 36,000 employees in more than 50 countries. Reported sales in 2021 were $8.4 billion.