3M and Avery Dennison nix office products deal.

Position:INDUSTRY News

* 3M Co. scrapped an agreement to buy Avery Dennison Corp.'s office products business, a deal the US Justice Department opposed because of antitrust concerns.

The $550-million takeover would have given 3M more than 80% of the US market for sticky notes, the Justice Department said in September. The announcement Wednesday follows a plan by 3M and Avery Dennison to "explore options" to respond to the department's concerns and win regulatory approvals.

"While we are disappointed with this turn or events, we remain Focused, as always, on investing in product innovation," says Jesse Singh, vice president and general manager of 3M's Stationery and Office Supplies Division.

3M had planned to complete the purchase in...

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