Avery Dennison (NYSE:AVY) signed an agreement to acquire Thermopatch Corporation on January 17, 2023. Thermopatch will become part of the company's Retail Branding and Information Solutions (RBIS) Apparel Solutions division. Thermopatch generated the revenue of $40 million for the period ended 2022. The transaction is expected to close in the first quarter of 2023.

Avery Dennison (NYSE:AVY) completed the acquisition of Thermopatch Corporation for $44 million on March 6, 2023. Avery Dennison paid consideration, net of cash acquired, of approximately $44 million. Transaction was funded using cash and commercial paper borrowings. Paramax Corporation member of Globalscope Partners Limited advised on the sale of Thermopatch Corporation to Avery Dennison.