The 2008 Avery Dennison Annual Report provides an overview of the company's financial performance and business segments in 2008. It notes that while the global economic downturn impacted sales, the company increased free cash flow to a record level. The three main business segments - Pressure-sensitive Materials, Retail Information Services, and Office and Consumer Products - all experienced slowing demand. However, the company increased market share in key products and gained new customers. It also completed a restructuring program aimed at reducing costs. Overall, the annual report emphasizes that while short-term outlook is cautious due to economic uncertainty, the company's strategic focus and investments in growth areas position it well for the long-term.
2008 annual report for Sceptre Investment Counsel Limited (TSX: SZ), a Canada-based company engaged in the provision of investment management services. The Company provides expertise in five investment groups: domestic equities, foreign equities, domestic and foreign integrated equities, fixed income and asset mix.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
2. cOntents
Letter to Shareholders
2
Our Segments / Businesses at a Glance
6
Editorial Section
8
Financial Information
17
Financial Overview
2008
(Dollars in millions, except per share amounts) 2007 2006
Net sales from continuing operations $ 6,710.4 $ 6,307.8 $ 5,575.9
Net income from continuing operations $ 266.1 $ 303.5 $ 358.5
Net income from continuing operations,
as a percent of sales 4.0 4.8 6.4
Net income from continuing operations
per common share, assuming dilution 2.70 3.07 3.57
$ $ $
Net income $ 266.1 $ 303.5 373.2
$
Net income, as a percent of sales 4.0 4.8 6.7
Net income per common share,
assuming dilution 2.70 3.07 3.72
$ $ $
Dividends per common share 1.64 1.61 1.57
Capital expenditures 119.2 186.3 153.2
Return on average shareholders’ equity (percent) 13.1 16.5 22.7
3. Avery Dennison 2008 Annual Report
...Sticking to the Fundamentals.
Our ongoing commitment to outstanding quality, innovative solutions and exceptional service
allowed us to add value even in these challenging economic times. By operating with greater
efficiency, accelerating productivity and capturing new market opportunities, we demonstrate
our resilience and the wisdom of sticking to the fundamentals. Every day. Everywhere.
4. Dear
Fellow
Shareholders:
Like companies everywhere, avery dennison graphics film for the architectural and promotional
felt the impact of the weakened global markets, and a growing line of eco-friendly products.
We scored a number of important customer wins—
+
economy in 2008. but by sticking to the
like our new fleet marking programs with Miller Brewing
fundamentals and executing a focused
and Shell Oil; item-level Radio Frequency Identification
strategy, we achieved important milestones (RFID) with Marks & Spencer and Levi Mexico; and
in 2008 that position us well to endure a continuing adoption of pressure-sensitive film and label
protracted downturn and to emerge a more applications by consumer products customers like
competitive and stronger company. Procter & Gamble and Unilever in Asia.
We entered or identified new markets and regions that
+
offer significant growth potential—such as the expansion
of our businesses in China and India, the enhancement
2008 in Perspective of our woven label capabilities with the acquisition of DM
Label and the establishment of a new foothold in Japan
The growing economic and credit crisis that began last
for our Roll Materials, Specialty Tape and Graphics
year significantly reduced consumer spending throughout
Materials businesses.
the world. During the second half of the year, many
Throughout the recent turmoil within the financial
customers reduced their inventories and orders, while +
markets, we retained uninterrupted access to capital
others implemented mandatory shutdowns late in the
to meet our operating needs. We took a number of
year. These deteriorating market conditions, combined with
actions to provide even greater operating flexibility,
rapidly rising raw material costs, lowered our profits—
including negotiating new debt covenants with our
despite reductions to our fixed cost structure and price
banks, allowing us to more aggressively pursue
increase actions.
sustainable cost savings through restructuring. At the
same time, we are actively managing our investments
Yet, we had a number of significant successes:
in both fixed and working capital to increase our cash
We increased our free cash flow to record levels, giving
+
flow. In 2008, we used excess cash to reduce our debt
us greater flexibility to invest in programs for future growth.
by roughly $160 million in the second half of the year,
We introduced a number of unique products—including
+
following our acquisition of DM Label.
our Avery-brand customizable binders, new removable
Avery Dennison 2008 Annual Report
2
5. Sales by Region*
Sales
(Dollars in billions)
6.7
6.3 Percent of Total
5.6
5.5 US & Canada 37%
5.3
Europe 34%
Asia 22%**
Latin America 7%
08
*Before intergeographic
eliminations
**Asia includes South Africa
and Australia
08
04 05 06 07
We’ve defined the right strategies for our market-
In the fourth quarter, we began to implement a Company-
+
leading businesses to ensure continued success
wide restructuring program targeting more than
$150 million in annualized savings over the next two Pressure-sensitive materiaLs: Leveraging advantages
years. We expect roughly $70 million of savings After showing signs of improvement earlier in the year,
from these actions in 2009. sales in Pressure-sensitive Materials declined as the
economy slowed. We continued, however, to maintain
Financial Highlights our investments in promising growth solutions that take
Net sales were $6.71 billion, compared to $6.31 billion advantage of ongoing end-user demand for innovative
+
in 2007, an increase primarily attributable to acquisitions packaging and eco-friendly products.
and currency translation. Our proprietary adhesive for clear-on-clear film applica-
+
Net income for 2008 was $266.1 million, or $2.70 tions is recognized as the best solution in the industry
+
per share. to help produce labels with strong shelf appeal. We are
The integration of the Paxar acquisition, which has also developing pressure-sensitive materials that can
+
delivered $120 million in cost synergies, was completed be used to decorate the uniquely shaped containers
ahead of schedule. increasingly seen on crowded store shelves. Additionally,
Free cash flow increased to a record $365 million. we are investing in thinner film-liner capability that lowers
+
the operational and per-unit costs of pressure-sensitive
2009 and Beyond technology while reducing its environmental impact
We remain focused on a single strategic objective: to drive versus other decorating methods.
profitable growth by providing innovative solutions that To help our customers, their customers and the
+
transform information and elevate brands. A fundamental environment, we are offering industry-leading eco-
part of this strategy is to continue to safeguard the friendly products, recyclable packaging and support
investments we’ve made in several emerging business services. Last year, the Tag and Label Manufacturing
opportunities in existing and adjacent markets. Institute (TLMI) honored Avery Dennison with its
TLMI Environmental Leadership Award for the best
commitment to progressive environmental practices
in the industry.
Sticking to the Fundamentals 3
6. Free Cash Flow* Emerging Market Sales* Dividends
(Dollars in millions) (Dollars in millions)
1.64
365.3 2,200
1.6
331.8
316.2
1,800
253.3 244.6 1,400
1,170
*Free Cash Flow (a non-GAAP 1,060
.8
measure) is defined as net
cash provided by operating
activities, less purchase of
property, plant, equipment,
software, and other deferred
charges, plus proceeds *Before intergeographic
.0
from sale of investments, net. eliminations
08 08 08
76
04 05 06 07 04 05 06 07
retaiL information services: investing for sPeed other sPeciaLtY converting businesses:
focusing on emerging business oPPortunities
Retail Information Services also felt the effects of a slowing
By pursuing emerging business opportunities in new
economy across its core business. Apparel retailers and
markets and regions, we have the potential to produce
brand owners continue to adapt their supply chains to
significant growth over the next few years. Our goal is to
deliver as quickly and efficiently as possible. Product
increase market share for our specialty tapes and RFID
lifecycles are measured in weeks, not months—and
products. We’ve gained the number-one position in ultra
speed wins. To further expand our leadership position,
high-frequency (UHF) RFID passive inlays. We now intend
we are investing in new capabilities and technologies,
to apply our technology advantages to enter the high-
including digital production systems to streamline and
frequency (HF) RFID market.
standardize the entire order-to-delivery process.
Continuously improving our productivity
office and consumer Products:
and our people
caPitaLizing on consumer trends
The Office and Consumer Products segment is an impor- we’re buiLding a Lean cuLture
tant source of free cash flow for Avery Dennison. These Enterprise Lean Sigma (ELS) is an ongoing, Company-
businesses will continue to grow through the strong Avery wide effort to promote revenue and profit growth by
consumer brand awareness, cutting-edge online marketing reducing waste, accelerating productivity and enhancing
and sales channel relationships already in place. Driven by customer service. To date, thousands of employees have
the significant trend toward mass customization, consumers participated in hundreds of continuous improvement
continue to increase their Internet use and online purchases or “Kaizen” events and delivered impressive results. In our
of office and school print solutions. To capitalize on this Retail Information Services business in South China,
mega-trend, Avery Dennison launched Avery Signature we reduced product sample response times by more than
Series Binders, an affordable solution that enables 33 percent. The Specialty Tape business freed up needed
consumers to create personalized binders in any quantity capacity at its plant in Turnhout, Belgium, by successfully
through avery.com or other current customer Web sites. implementing ELS tools to quickly identify and design
These binders mark the beginning of a promising growth a smoother, more balanced process, which resulted in
platform of related Avery-brand customizable products, a 65 percent increase in output and a 32 percent increase
such as dividers, labels and fabric transfers. in labor efficiency. Our Roll Materials business in Mentor,
Avery Dennison 2008 Annual Report
4
7. Ohio, reduced customer service order-entry errors to less markets we serve. We continue to invest in emerging
than one percent—an industry best-in-class achievement. business opportunities that will position us for a higher
growth trajectory as the global economy recovers.
Over the years, Avery Dennison has proven to be an
we’re investing in our PeoPLe
Achieving our strategic growth priorities will require capable extraordinarily resilient company. By sticking to the
leaders and employees who can successfully manage fundamentals—product innovation, exceptional quality
rapid change. We continue to make a significant investment and great service—it is our strong belief that we will not
in leadership development—as well as ELS—training. only weather the challenges that confront us today, but
We want our leaders to have the skills necessary to lead we will also create a stronger, more energized Company
and compete in a complex, global business environment. in the future.
In 2009, 25 Leadership Development Training Forums We are especially grateful for the loyalty and confidence
are planned to strengthen the business leadership and that our employees, partners—and particularly our
inter-personal competencies of high-potential leaders shareholders—have placed in Avery Dennison.
across the Company.
Living our vaLues, deLivering on our Promises
No matter what the economic or business circumstances,
Avery Dennison will continue to conduct business according
to the highest values and business ethics. We are proud of
the way our people have responded to the challenges and
uncertainty of 2008—with confidence, integrity and an
unflagging desire to win. Our long-term strategy includes
responsible policies that guide how we treat our people
and how we protect the environment.
One of the architects of our values and strategies was
Phil Neal, who passed away in October. Phil was CEO of
Avery Dennison from 1998 to 2005 and served as chairman
for the last five years of his 32-year career with our Company.
He played a key role in implementing the core financial
and operating strategies that have supported the Company’s
growth and direction, as well as the development of leaders
in every area of our business. We will miss him.
Strong advantages today…well-positioned
for tomorrow
We enter 2009 operating in the most difficult economic
conditions in a generation. Short term, we are cautious.
Kent Kresa Dean A. Scarborough
We cannot predict the timing of a recovery, and raw
Chairman of the Board President and Chief Executive Officer
material and pricing trends in this environment are difficult
to forecast. So our short-term focus is on reducing fixed MARCH 6, 2009
costs and generating cash flow to enable the Company
to endure a protracted downturn.
Long term, however, we are optimistic. Our strategy
is sound and working. We are number one in the key
Sticking to the Fundamentals 5
8. Our
Segments /
Businesses
at a Glance
£129
£129
£129 £129
Segment / Businesses
Pressure-sensitive Retail Information Services
Materials
+ RollMaterials + Information
and Brand Management
+ Graphicsand Reflective Products + Printer
Systems
+ Performance Polymers + Fastener
Sales
$3,644 $1,548
(In millions)
Percent of Total Sales
54% 23%
Brand(s)
fasson, avery graphics, avery dennison avery dennison, monarch
Products
Pressure-sensitive roll materials, graphics A wide variety of information and brand
and reflective materials; water- and solvent- management solutions that include graphic tags
based performance polymer adhesives; and labels, variable data tags and labels, woven
and engineered films labels, printed fabric labels, heat transfers,
patches and specialty trim, eco-friendly solutions,
packaging and security solutions, in-plant print-
ing, RFID solutions, designer trim collections,
supply chain solutions and Web services, as well
as barcode printers, software solutions, molded
plastic fasteners and application devices
Customers / End-users
Global label converters, consumer products Global retailers and brand owners, apparel and
package designers and manufacturers, consumer goods manufacturers, restaurant
industrial manufacturers, printers, designers, and food service chains, grocery and drugstore
sign manufacturers and graphic vendors chains, and a variety of other industries serviced
via resellers
6 Avery Dennison
9. averY
44
Office and Consumer Other specialty
Products converting businesses
+ Office Products + Specialty Tape
+ Radio Frequency Identification (RFID)
+ Industrial and Automotive Products
+ Security Printing
+ Performance Films
$936 $582
14% 9%
avery avery dennison
Self-adhesive labels, software, binders, Specialty tapes, industrial adhesives, archi-
sheet protectors, dividers, online templates tectural and engineered films, automotive
and printing, writing instruments, T-shirt decorative interior films, automotive exterior
transfers and do-it-yourself card products films and labels, metallized pigments, self-
adhesive postage stamps, RFID inlays and
durable tags
Office products superstores, major retailers, Industrial and original equipment manufac-
office professionals, school administrators, turers, medical products and device
small business owners and consumers manufacturers, converters, packagers and
consumer products companies
Sticking to the Fundamentals 7
10. United by a shared commitment to drive profitable growth, Avery Dennison’s Corporate
Leadership Team co-authored a clear and measurable roadmap to galvanize and transform
the Company. This strategic blueprint defines and aligns a common purpose Company-
wide and the actions necessary to build long-term shareholder value.
Leading with confidence, clarity and accountability
lef t to right:
Rich Hoffman Senior VP and Chief Information Officer Sue Miller Senior VP, General Counsel and Secretary Bob Malchione Senior VP,
Corporate Strategy and Technology Diane Dixon Senior VP, Corporate Communications and Advertising Greg Temple VP, Global Operations
and Enterprise Lean Sigma Dan O’Bryant Executive VP, Finance, and Chief Financial Officer Dean Scarborough President and Chief Executive
Officer Anne Hill Senior VP and Chief Human Resources Officer Don Nolan Group VP, Roll Materials Terry Hemmelgarn Group VP, Retail
Information Services Tim Bond Group VP, Office Products Dave Edwards VP and Chief Technology Officer Tim Clyde Group VP, Specialty
Materials and Converting
Avery Dennison 2008 Annual Report
8
11. Avery Dennison knows how to make For more than 100 years, Mexico’s
the most of an opportunity. Just Sol Beer featured a distinctive
ask LG, South Korea’s leader in painted label. To reinvigorate this
personal care products. Avery century-old brand, Sol worked
Dennison Korea demonstrated with label converter Spear and
how its clear, pressure-sensitive Avery Dennison to develop a
film could add greater visual Fasson-brand pressure-sensitive
appeal to LG’s Elastine shampoo. label solution that would produce
Since LG adopted Fasson-brand a fresh, new look for its interna-
pressure-sensitive materials for its tional packaging. Unlike the
entire Elastine product line, other “painted-style” labels, produced
South Korean personal care using an extreme-heat furnace
companies are turning to Avery process, the new sharper, more
Dennison to achieve a unique vivid pressure-sensitive labels
“no-label” look. require less energy to create.
So Sol ended up with a brighter,
more eye-catching label and the
potential to use less energy as well.
Now that’s refreshing.
Identifying opportunities every day, everywhere
Identifying global opportunities while serving local markets has long been the key strength
of Avery Dennison’s Roll Materials business. To expand our already strong market position
and competitive advantage, we will continue to deliver exceptional solutions that enable our
customers to produce packaging and labels with strong brand appeal.
Sticking to the Fundamentals 9
12. The International Broadcast
Centre was one of 10 Olympic
buildings, venues and stadiums
that relied on Avery Graphics-
brand products to create memor-
able, larger-than-life building
wraps, wall coverings, floor
graphics and sports signage.
The Beijing Olympic Committee
gave its ticket printing supplier
an Olympian challenge: To produce
15 million tickets that could be
quickly validated during the 2008
Summer Games. The RFID inlay
inside the tickets had to be thin
and smooth yet strong enough to
accommodate an RFID chip and
resist high compression. Avery
Dennison’s innovative pressure-
sensitive materials proved to be
just the ticket.
Leveraging our game-changing technologies
Those lucky enough to attend the Olympic Games in Beijing experienced firsthand the
ever-growing impact that Avery Dennison is having in emerging markets like China. Avery
Dennison’s combined expertise, product innovation and technical support contributed to
this world-class event.
Avery Dennison 2008 Annual Report
10
13. The deployment of Enterprise Lean Sigma (ELS) gained momentum across the entire
Company—demonstrating its power to inspire, motivate and accelerate continuous improve-
ment. Hundreds of ELS process-improvement events (known as “Kaizens”) took place
throughout the year—resulting in new ways to eliminate waste, improve productivity, enhance
customer service and execute with excellence.
Activating a new way of working together
John Settineri Monina Diaz Teresa O’Keefe Marvin Raymundo
Supply Chain Finance and Treasury Global Risk Human Resources
Sticking to the Fundamentals 11
14. Identifying and capitalizing on global market opportunities is synonymous with the Avery
brand. Take today’s mass customization trend, for example. Whether it’s a small business
owner in need of personalized business cards or labels, or a teen looking to put her distinctive
mark on everything from T-shirts to binders, Avery Design & Print Online makes it easy for
Avery Dennison and its customers to stand out.
1.
Empowering generations of thinkers and dreamers
2.
3.
4.
1. Avery ® Dark T-Shirt Transfers allow users to apply personalized designs on a variety of colored fabrics. 2. Avery ® Durable Labels can
be personalized with printed graphics that adhere to almost any surface including glass, plastic, wood and metal and stand up to frequent use,
moisture, scuffing, tearing and smudging. 3. Avery Signature Series Binders ® can be custom-designed online in minutes, in small quantities
with quick-turnarounds. 4. Avery Hi-LiTER ® Retractable Highlighters are non-toxic, durable, quick-drying and cap-free, making them
convenient to use to highlight important content.
Avery Dennison 2008 Annual Report
12
15. Discovering new technologies for new markets
As surgical procedures continue to become longer and more complex, protection against
bacteria and infection also needs to last longer. That’s why Avery Dennison created Silver
Incise Film. This medical advancement for surgical procedures helps to significantly reduce
surgical infections. Another example of the many ways in which Avery Dennison solutions are
making a meaningful difference in the world.
Sticking to the Fundamentals 13
16. To broaden the size of the markets we serve, as well as open new markets, we are increasingly
focusing on our customer’s customers’ needs. Delivering insights about what end-users care
about most helps our direct customers to deliver more relevant market solutions and form
stronger ties to Avery Dennison.
Focusing on our customer and our customer’s customers
The customer’s needs always come
first. That’s why Throttleman,
one of Portugal’s largest retailers,
is using Avery Dennison RFID
technology to increase its supply
satis fac tion. This solution has
reduced Throttleman’s delivery
time to its stores from five days
to 24 hours, excess stock at its
warehouses by 60 percent and
internal lead-time delays from
21 percent to zero percent. All of
which adds up to greater product
availability for Throttleman cus-
tomers and greater appreciation
for Avery Dennison technology.
Avery Dennison 2008 Annual Report
14
17. Advancing the image of world-class brands
For nearly 75 years, Avery Dennison has built a reputation for helping top companies grow their
businesses. Today, thanks to our innovative materials and enabling applications, we continue
to forge strong alliances with the most recognized and respected brands in the world—all of
whom view Avery Dennison as vital to delivering solutions that elevate their brands.
Sticking to the Fundamentals 15
18. Social
From responsible corporate
citizenship and philanthropy to
effective employee development
and labor standards, we have
a long tradition of supporting
employee and community
well-being in developed markets
as well as in developing regions
around the world.
Economic
Being a financially stable company
creates opportunities to deliver
positive contributions to sustain-
ability and the communities where
we operate around the globe.
Practicing sound corporate gov-
ernance and conducting business
in an ethical and res pon sible
manner is how we manage our
business for revenue growth,
productivity improvement and
increased return on investment.
Sustaining our commitment to Sustainability
Environmental
We strive to manage and mitigate
the environmental impact of our
business activities by improving
the energy efficiency of our
processes, reducing waste and
emissions, increasing eco-friendly
products and protecting our
natural resources.
More than seven decades ago, Company founder R. Stanton Avery established a corporate
culture of caring that continues today. Avery Dennison is committed to achieving business
success through responsible social, environmental and economic practices that help build
healthy communities where it operates all over the world.
Avery Dennison 2008 Annual Report
16
19. PhotogRAPhy: Dave Lauridsen, Mark smalling
Coming in April…
an all-new www.averydennison.com Web site
Investor Information
obtain stock quotes and annual reports at
www.investors.averydennison.com. send inquiries
via e-mail to investorcom@averydennison.com
Career Opportunities
Learn more about the Avery Dennison difference
at www.averydennison.com/careers
Other Company Web sites include:
PRiNtiNg: Anderson Lithograph/Cenveo, Bowne & Co., inc.
www.fasson.com
www.ris.averydennison.com
www.avery.com
www.averygraphics.com
in support of our commitment to sustainability,
the paper for this annual report is certified by
the Forest stewardship Council (FsC), which
promotes environmentally responsible, socially
beneficial and economically viable management
of the world’s forests. the paper used in the
financial section also contains 30% pulp derived
from post-consumer waste fiber.
DesigN: VsA Partners, inc.
20. Leading, Identifying, Leveraging, Activating, Empowering
Avery Dennison Corporation
Miller Corporate Center
150 North Orange Grove Boulevard
Pasadena, California 91103
www.averydennison.com