3M (NYSE: MMM), the maker of Post-its and Scotch tape, and Avery Dennison Corp. (NYSE: AVY) have terminated an agreement under which 3M would have purchased Avery Dennison’s office and consumer products business.
The deal was originally announced on Jan. 3. 3M was set to pay $550 million in cash for the business, which includes Avery Dennison’s education products, such as labels, binders, filing and writing products. The deal would also have given 3M the Hi-Liters and Marks-A-Lot brands.
The deal was terminated about a month after the U.S. Department of Justice said it would file a civil anti-trust lawsuit to block it, arguing that the merger would have lessened competition in the sale of labels and sticky notes.
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