For Immediate Release
SPINNAKER COATING REPORTS STRONG CUSTOMER ACCEPTANCE OF THE CRACK’N PEEL® AND FASTRACK® BRANDS ACQUIRED FROM AVERY DENNISON
Troy, Ohio – May 14, 2012 – Spinnaker Coating, LLC, a manufacturer of adhesive coated papers and films, announced today that after only three months, it has experienced substantial traction and positive customer feedback as a result of the license it entered into with Avery Dennison Corporation (NYSE:AVY) to produce and sell the Crack ‘n Peel and FasTrack brands in the U.S. and Canada. As part of the agreement, Spinnaker also acquired selected manufacturing assets, which have been installed in the Troy facility and are contributing to the acquisition’s success.
In a separate transaction, Spinnaker made an agreement with Avery Dennison’s Office and Consumer Products business to sell and distribute Avery-brand die cut labels to paper merchants in the U.S. and Canada.
Commenting on the transaction, Louis A. Guzzetti, Jr, Chairman & Chief Executive Officer of Spinnaker Coating, said, “The acquisition of the Crack ’n Peel and FasTrack brands has allowed us to further expand our product offerings and enhance our services. These brands have strengthened our competitive position in the merchant channel, which has been built on the high quality of our products and Spinnaker’s customer-driven culture that places service as our top priority.”
Spinnaker Coating is a customer-focused company that develops, manufactures, and markets adhesive-coated paper and film constructions for conversion by printers and industrial users into marketing, identifying, promoting, labeling, and decorating applications. The Company is owned by its employees through an Employee Stock Ownership Plan (ESOP). www.spinps.com
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Adam Friedman Associates
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