Pasadena, Calif.-based Avery Dennison Corp. — a producer of identification and decorative solutions for a variety of applications — has announced plans to shutter its Summit Avenue manufacturing facility in Greensboro, N.C., eliminating 59 jobs. The company reports it is reorganizing its U.S. operations in an effort to more efficiently serve its global customers. The facility is part of Avery Dennison's Retail Branding and Information Solutions (RBIS) business and manufactures graphic tickets and apparel tags.

Approximately 78 employees from the facility will be relocated to Avery Dennison's 16th Street facility in Greensboro, where the company plans to operate a quick-response manufacturing facility for price tickets and printed fabric labels to serve U.S. retailers and apparel brands. A total of 130 people in operations, commercial, customer service and other functions will be employed at the 16th Street location.

In other company news, Avery Dennison has signed an agreement to sell its Office and Consumer Products (OCP) business to St. Paul, Minn.-based 3M for $550 million. The company's OCP business is among the leading suppliers globally of printable media and other products with expected sales in 2011 of approximately $765 million.

"The sale of our Office and Consumer Products business to 3M presents the best opportunity to maximize OCP's value for Avery Dennison's shareholders, and complements 3M's global portfolio," said Dean A. Scarborough, chairman, president and CEO, Avery Dennison. "Our industry-leading Pressure-sensitive Materials and Retail Branding and Information Solutions businesses, combined with our strong balance sheet, make us well positioned for profitable growth and increased return of cash to shareholders."

January 24, 2012