Avery Dennison Corporation is a global materials science and digital identification solutions company that provides a wide range of branding and information solutions. The company operates through two primary business segments: the Materials Group and the Solutions Group. Avery Dennison sells pressure-sensitive label materials, films, performance tapes, fasteners, RFID inlays and tags, software applications, and branded packaging solutions, focusing on optimizing labor and supply chain efficiency, reducing waste, advancing sustainability, and better connecting brands and consumers through innovative solutions that integrate physical and digital elements .
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Materials Group - Focuses on pressure-sensitive label materials, films, performance tapes, and fasteners, and includes high-value categories such as graphic solutions and reflective solutions. This segment is a leader in the industry, being 2.5 times larger than its nearest competitor in label materials .
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Solutions Group - Offers RFID inlays and tags, software applications, and branded packaging solutions, with a strong emphasis on the Intelligent Labels business that uses RFID technology to enhance inventory accuracy and supply chain efficiency, particularly in the apparel, logistics, and food industries .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Deon M. Stander ExecutiveBoard | President and CEO | None | Deon M. Stander became CEO on September 1, 2023, after serving as President and COO. He has been with AVY since 2016 and led the transformation of the Solutions business, including Intelligent Labels. | View Report → |
Danny G. Allouche Executive | Interim CFO | None | Danny G. Allouche was appointed Interim CFO on November 15, 2024, following Gregory S. Lovins' medical leave. He oversees financial operations and compliance. | |
Deena Baker-Nel Executive | Senior Vice President and CHRO | None | Deena Baker-Nel joined AVY in 2020 as CHRO. She leads HR, communications, and community investment functions, focusing on leadership effectiveness and DEI initiatives. | |
Divina F. Santiago Executive | Vice President, Controller | None | Divina Santiago became VP, Controller, and principal accounting officer in August 2023. She has been with AVY since 2002, holding various financial leadership roles. | |
Francisco Melo Executive | President, Solutions Group | None | Francisco Melo has been with AVY since 2012 and became President of the Solutions Group in April 2023. He has driven growth in Intelligent Labels and digital transformation. | |
Ignacio J. Walker Executive | Senior Vice President and Chief Legal Officer | None | Ignacio J. Walker joined AVY in 2020 as Chief Legal Officer. He oversees legal and compliance functions and has extensive experience in governance and regulatory matters. | |
Nicholas R. Colisto Executive | Senior Vice President and CIO | None | Nicholas Colisto joined AVY in 2020 as CIO. He oversees the company's digital transformation and IT strategy. | |
Bradley A. Alford Board | Director | Director at Perrigo Company PLC | Bradley Alford has been a director at AVY since 2010. He brings over 42 years of experience in the consumer goods industry and serves on the board of Perrigo Company PLC. | |
Maria Fernanda Mejia Board | Director | None | Maria Mejia joined AVY's board in 2024. She has 35+ years of experience in the consumer goods industry and previously served as CEO, International, at Newell Brands. | |
Mitchell R. Butier Board | Executive Chairman | None | Mitchell R. Butier has been with AVY since 2007 and served as CEO until August 2023. He is now Executive Chairman, focusing on governance and strategic oversight. | |
Patrick T. Siewert Board | Director | Director at Mondelēz International, Inc. | Patrick Siewert has been a director at AVY since 2005. He has extensive experience in consumer goods and M&A, with over 25 years of experience in the Asia Pacific region. | |
Ward Dickson Board | Director | None | Ward Dickson joined AVY's board in 2024 and serves as Chair of the Audit Committee. He is a former CFO of WestRock Company and has extensive financial expertise. | |
William R. Wagner Board | Director | Director at BlackLine, Akamai, Semrush | William Wagner joined AVY's board in 2022. He is a former CEO of GoTo Group and has expertise in digital technologies and cybersecurity. |
- Given the recent softness in logistics impacting your Intelligent Labels growth, what strategies are you implementing to mitigate this slowdown and ensure consistent growth within the segment?
- With the drugstore channel softness and a major customer emerging from bankruptcy, how do you plan to address potential long-term structural changes in this channel and diversify Vestcom's client base?
- As you embark on the significant rollout with Kroger in the food segment, how are you managing the operational and execution risks associated with scaling up RFID technology across 2,800 stores, and how confident are you in achieving your growth targets in this new market?
- Given that Europe's materials volume was slightly below expectations and you experienced higher paper prices, how do you plan to navigate cost pressures and demand softness in Europe, and are any strategic adjustments needed for 2025?
- While you've raised your earnings guidance for the year, you mention that the environment remains uncertain; what specific uncertainties are you most concerned about that could impact your ability to deliver on growth and earnings targets, particularly in the Solutions Group?
Research analysts who have asked questions during Avery Dennison earnings calls.
George Staphos
Bank of America
6 questions for AVY
Jeffrey Zekauskas
JPMorgan Chase & Co.
6 questions for AVY
John McNulty
BMO Capital Markets
6 questions for AVY
Michael Roxland
Truist Securities
6 questions for AVY
Anthony Pettinari
Citigroup Inc.
5 questions for AVY
Ghansham Panjabi
Robert W. Baird & Co.
5 questions for AVY
John Dunigan
Jefferies
4 questions for AVY
Josh Spector
UBS Group
3 questions for AVY
Matthew Roberts
Raymond James
3 questions for AVY
Matt Roberts
Raymond James Financial
3 questions for AVY
Michael Leithead
Barclays
3 questions for AVY
Joshua Spector
UBS
2 questions for AVY
Bryan Burgmeier
Citigroup Inc.
1 question for AVY
Chris Perella
UBS
1 question for AVY
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
UPM Raflatac | A subsidiary of UPM Corporation, is one of the larger competitors in label materials. |
Fedrigoni Self-Adhesives | Is one of the larger competitors in label materials. |
Lintec Corporation | Is one of the larger competitors in label materials. |
Flexcon Corporation, Inc. | Is one of the larger competitors in label materials. |
Is one of the largest competitors for graphics and reflective products, and also competes in performance tapes products. | |
Orafol Group | Is one of the largest competitors for graphics and reflective products. |
Tesa-SE | A subsidiary of Beiersdorf AG, competes in performance tapes products. |
Competes in performance tapes products. | |
Checkpoint Systems, Inc. | A subsidiary of CCL Industries Inc., is a primary competitor in the Solutions Group. |
R-pac International Corporation | Is a primary competitor in the Solutions Group. |
SML Group Limited | Is a primary competitor in the Solutions Group. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Lion Brothers (LG Group, Inc.) | 2023 | Completed on May 22, 2023, this acquisition of a Maryland‐based apparel embellishments designer and manufacturer is part of Avery Dennison’s strategy to enhance its Solutions Group external embellishments platform. The deal, with an aggregate purchase consideration (including Thermopatch) of approximately $205–$206 million funded by cash and commercial paper, generated around $65 million in annual revenue and led to an increase in goodwill and identifiable intangible assets. |
Thermopatch, Inc. | 2023 | Completed on March 6, 2023, this New York‐based manufacturer specializing in labeling, embellishments, and transfers was acquired for approximately $44 million using cash and commercial paper. The acquisition expanded Avery Dennison’s product portfolio in its Solutions Group, recognized around $16.8 million in goodwill and $11 million in finite-lived intangible assets, and its final asset and liability allocations are still under evaluation. |
TexTrace AG | 2022 | Acquired in January 2022, this Switzerland‐based technology developer specializing in custom-made woven and knitted RFID products for garments was aimed at expanding Avery Dennison's Retail Branding and Information Solutions segment. Its purchase consideration was part of a $35 million aggregate deal with potential additional earn-out payments of up to $30 million, funded through cash and commercial paper borrowings. |
Rietveld Serigrafie B.V. and Rietveld Screenprinting Serigrafi Baski Matbaa Tekstil Ithalat Ihracat Sanayi ve Ticaret Limited Sirketi | 2022 | Completed in January 2022, these Netherlands‐based companies provide external embellishment solutions and printing methods for performance brands and team sports in Europe, complementing Avery Dennison's RBIS segment. The acquisition was part of the same $35 million aggregate deal (with TexTrace AG), included around $21 million of finite-lived intangible assets and $16.3 million in goodwill, with eligibility for additional earn-out payments up to $30 million based on performance targets. |
Recent press releases and 8-K filings for AVY.
- Delivered adjusted EPS of $2.37 (up 2% YoY) and reported sales of +1.5% YoY (organic flat); adjusted EBITDA margin was 16.5% and free cash flow nearly $270 million; quarter-end net debt/EBITDA was 2.2×.
- Materials Group organic sales declined 2%, with high-value and base categories down low single digits; segment adjusted EBITDA margin rose 50 bps to 17.5%.
- Solutions Group organic sales grew 4%, led by high-value categories up high single digits (Vestcom and Embelex each >10% growth) and apparel Intelligent Labels mid-single digit growth; enterprise-wide IL sales were up ~3%.
- Ongoing trade policy headwinds—particularly tariffs—continued to pressure base apparel and general retail volumes, though impacts mitigated by strategic sourcing and pricing; management expects Q4 sales and EPS growth amid gradual normalization.
- Strengthened strategic position by announcing a major RFID partnership with Walmart for fresh grocery, expanded Kroger collaboration, repurchased ~$454 million of stock YTD, increased dividend by 7%, and closed $390 million Tailor Adhesives bolt-on acquisition.
- Delivered adjusted EPS of $2.37, up 2% and above midpoint, on net sales of $2.2 billion
- Expanded adjusted EBITDA margin by 10 bps to 16.5%, and generated $269 million of adjusted free cash flow
- Completed the $390 million Taylor Adhesives acquisition and returned cash through $450 million of share repurchases and $215 million of dividends YTD
- Issued Q4 guidance for adjusted EPS of $2.35–$2.45, with reported sales growth expected at 5–7%, including a ~2% currency tailwind
- Avery Dennison reported 3Q25 EPS of $2.13 and adjusted EPS of $2.37, up 2% year-over-year, on net sales of $2.2 billion, up 1.5% (organic flat).
- Materials Group net sales were $1.516 billion, up 1.2% (organic down 1.9%) with an adjusted EBITDA margin of 17.5%, up 50 bps; Solutions Group net sales were $699.5 million, up 2.0% (organic up 3.6%) with an adjusted EBITDA margin of 17.0%, down 90 bps.
- The company returned $670 million in cash to shareholders YTD through dividends and share repurchases, including $454 million for 2.5 million shares through 3Q25.
- Avery Dennison issued $500 million of 4.00% senior notes due 2035 and completed the acquisition of Taylor Adhesives for $390 million, adding projected annual revenue of $110 million.
- For 4Q25, the company guides to reported EPS of $2.15–$2.25 and adjusted EPS of $2.35–$2.45.
- Avery Dennison and Walmart have developed a pioneering RFID solution for high-moisture, cold environments in bakery, meat, and deli categories, overcoming traditional RFID challenges in fresh food.
- The RFID-enabled labels deliver digital use-by dates and faster item tracking to improve stock rotation, reduce food waste, and support Walmart’s goal to cut food loss by 50% by 2030.
- Deployment will span Walmart’s scale of 10,750+ stores, serving ~270 million customers weekly, enhancing inventory management and customer service.
- Avery Dennison, trading near its 52-week low, maintains a strong financial profile with 14 consecutive years of dividend increases, reflecting robust fundamentals.
- Avery Dennison posted Q3 2025 revenue of $2.22 billion (in line with expectations) and adjusted EPS of $2.37, beating estimates.
- The Solutions Group revenue rose 2% Y/Y to $700 million, while the Materials Group grew 1.2% to $1.52 billion, driven by high-value and intelligent labels.
- Q3 free cash flow margin improved to 12.1% from 10% a year ago, reflecting enhanced cash generation efficiency.
- The company acquired Meridian Adhesives Group’s flooring adhesives business and launched RFID sensor labels for fresh food with Walmart, bolstering innovation and growth.
- Avery Dennison expects Q4 adjusted EPS of $2.35–$2.45, aligning with analyst forecasts.
- Delivered reported EPS of $2.13 and adjusted EPS of $2.37, up 2% year-over-year.
- Achieved net sales of $2.22 billion, up 1.5% reported, with organic sales flat versus prior year.
- Materials Group sales grew 1.2% to $1.52 billion, and Solutions Group sales rose 2.0% to $699.5 million in the quarter.
- Issued 4Q25 guidance for reported EPS of $2.15–2.25 and adjusted EPS of $2.35–2.45.
- On September 11, 2025, Avery Dennison closed an issuance of €500 million aggregate principal of 4.000% Senior Notes due 2035, bearing interest annually and maturing September 11, 2035.
- Net proceeds were approximately €493.5 million, to be used for general corporate purposes, including financing acquisitions and repaying commercial paper under the Company’s program.
- The unsecured notes rank equally with existing unsubordinated debt, are structurally subordinated to subsidiary liabilities, and are redeemable at the issuer’s option prior to June 11, 2035 at par or a make-whole amount, and thereafter at 100% of principal plus accrued interest.
- The offering was made under Avery Dennison’s effective Form S-3 registration statement (No. 333-286478), and the notes are expected to be listed on the Nasdaq Global Market.
- Avery Dennison operates a $8.8 billion Material Sciences (70%) and Solutions (30%) business, focusing on branding, supply-chain efficiency and waste reduction across consumer staples (60% of sales) through broad end-market exposure.
- The company targets 4.5–5% average annual growth for the next cycle: 1 pp from base businesses, 1.5 pp from Intelligent Labels and 2 pp from other high-value categories, supported by M&A.
- Maintains a strong balance sheet (leverage in the low 2s), with 25–30% of capital spent on productivity and restructuring, 20% on dividends (compounded at 10% for 10 years) and 50% allocated to share buybacks or M&A – $360 million repurchased in H1 2025.
- Acquired a tail-end adhesive business (Meridian’s liquid flooring adhesives) as a high-value category bolt-on: mid-single-digit growth, high-20%+ EBITDA margins, and expected mid-single-digit cost synergies via adhesive in-sourcing and procurement.
- Intelligent Labels (RFID) business, 60% in apparel (down from high-single to low-single-digit volume decline in Q2 2025), is expanding into logistics (UPS) and food (Kroger, 700 stores) with ROI <1 year; deploying innovation (tags <$1) and end-to-end digital platforms (atmode.io/Optica) to maintain >50% share.
- Avery Dennison entered a definitive agreement to acquire Meridian’s Flooring Adhesives Division, including Taylor Adhesives, Polycom, and Frontier Products.
- The business will be integrated into Avery Dennison’s Materials Group to accelerate innovation and expand market reach.
- Meridian considers the sale a strategic move to focus on its remaining portfolio, while Avery Dennison aims to enhance its high-value product lines.
- Avery Dennison reported $8.8 billion in 2024 sales and employs approximately 35,000 people across more than 50 countries.
- Avery Dennison’s 8-K report details the company's virtual annual meeting on April 24, 2025, where stockholders elected nine board directors, approved executive compensation on an advisory basis, and ratified PwC as the independent auditor with over 90.5% of eligible shares represented.
- The report also announces that the Board has authorized a share repurchase program with a fair market value of up to $750 million.