Global materials manufacturer Avery Dennison Corp. says it has reached an agreement to acquire JDC Solutions Inc., a privately held Tennessee-based maker of specialty tapes for the automotive, consumer appliance, and building and construction industries, for $24 million. Avery Dennison said it expected the transaction to close in the first quarter. Shares of the Glendale, Calif.-based Avery Dennison are up more than 14% this year, while the benchmark S&P 500 has gained just less than 5%. U.S. financial markets paused Monday to mark the Presidents Day holiday.
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