Avery Disputes DOJ’s Take on 3M Deal
The U.S. Department of Justice was wrong when it said 3M Co. and Avery Dennison Corp. had called off their $550 million office products deal, Avery Chief Executive Officer Dean Scarborough said.
“It does not mean that we are abandoning the transaction, he said during a Bank of America Corp. conference yesterday. “I want to be clear about that because the press release that the Department of Justice put out was erroneous.”
The Justice Department on Wednesday announced that the companies had scrapped plans for 3M to buy Avery’s office products division. Joseph Wayland, Acting Assistant Attorney General in charge of the Department of Justice’s Antitrust Division, was quoted in a statement saying, “We welcome the companies’ decision to abandon this deal, which raised competitive concerns in the sale of labels and sticky notes.