Smartrac Technology Group, a global leader in RFID technology and IoT solutions, today announced that it has reached a definitive agreement to sell its RFID Transponder Division to Avery Dennison Corporation.Headquartered in Glendale, California, Avery Dennison is a global materials science and manufacturing company specializing in the design and manufacture of a wide variety of labeling and functional materials. Its products include pressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical and retail applications; tags, labels and embellishments for apparel; and RFID solutions serving retail apparel and other markets.Smartrac's RFID inlay and tags business will complement Avery Dennison’s Intelligent Labels platform, expand its existing product portfolio, enhance the company’s R&D, manufacturing and sales capacity and increase its RFID offerings for a broad variety of customer requirements and applications. The transaction will also provide the opportunity to expand market coverage and to accelerate RFID growthAs part of the transaction, Avery Dennison will acquire Smartrac’s Transponder business and associated assets, including all manufacturing, R&D, sales and administration facilities, and will take over all affected employees. Avery Dennison will also assume all contractual obligations to employees, customers and suppliers. The acquisition is subject to regulatory approvals and other customary closing conditions.