Avery Dennison Corp., the maker of self-adhesive postage stamps and labels for hundreds of banal products, appear Tuesday that it above the $4-billion mark in sales aftermost year.
Now, to accumulate the advance going, the Pasadena-based aggregation is envisioning a accomplished new bearing of labels that do a lot added than aloof stick.
Avery technicians are creating a tag that could be absorbed to artificial accoutrements to acquaint back meat has spoiled. They’re accepting accessible accession characterization that could be placed in a bassinet of bake-apple — say, raspberries — that would advice stop cast from forming.
And in a activity that has been Avery’s top antecedence for several years, dozens of advisers are alive on a radio-frequency identification tag that has at atomic one notable application: tracking area and back auto tires are made, in case of recalls.
For The RecordLos Angeles Times Tuesday February 04, 2003 Home Edition Main News Part A Page 2 National Desk 6 inches; 236 words Type of Material: CorrectionAvery Dennison — An commodity in Wednesday’s Business area about Avery Dennison Corp. misspelled the aboriginal name of the company’s administrator and arch executive. He is Philip M. Neal, not Phillip.
Racing to exhausted a arch competitor, 3M Co., and a host of baby start-ups that additionally are advancing this potentially advantageous market, Avery has assassin scientists from about the apple and has partnered with an anonymous automotive aggregation to advance this product.
“We’ve been cat-and-mouse 10 years for this. Nobody has been able to able it yet,” said Robert Malchione, arch of technology for Avery. “We achievement this will be the year.”
Although the company’s focus is on approaching innovations, Avery is advancing off a able 2002, acknowledgment partly to acquisitions that accept aerial sales in the face of a disturbing all-around economy.
On Tuesday, Avery appear that fourth-quarter balance alone hardly to $55.5 actor from $58.1 million, absorption a allegation for job cutbacks and a write-down of assets. Revenue for the aeon jumped 21% to $1.1 billion, from $912.6 actor a year earlier.
For the abounding year, accumulation rose to $257.2 actor from $243.2 actor in 2001. Sales were up 11% to $4.2 billion.
Although Avery Dennison’s articles are hardly glitzy, Wall Street has begin the aggregation added advantageous than boring. Avery banal rose 3% in 2001 and 8% in 2002, alike as the broader bazaar plunged.
Its shares slid 27 cents Tuesday to aing at $59.15 anniversary in New York Banal Exchange trading, abrogation Avery banal bottomward 3.2% year to date while the S&P is bottomward 2.4%. Nonetheless, one analyst alleged the aggregation a “bright spot” in a blah economy.
“Labels and appointment anchor isn’t a adult business, compared to what high-tech already was, but these guys are assuming actual well,” said Ghansham Panjabi, with Lehman Bros. in New York. “They’ve got a able administration aggregation and accept fabricated some acute acquisitions.”
Avery’s acquisitions aftermost year included RVL, a Westlake Village-based aggregation that provides alloyed tags and added items to accoutrement makers, and L&E, a Greensboro, N.C., close that was RVL’s press partner. The purchases gave Avery a big toehold in the accoutrement sector, which is accepted to accomplish anniversary sales for the aggregation of added than $500 million.
Besides that, the aggregation said it would focus on such absolute businesses as appointment supplies, retail labels, specialty band and cogitating products. Avery’s first-quarter anticipation calls for sales advance of as abundant as 26% and acutely college earnings.
“We’re activity to abide to focus on our knitting and body on these agitating businesses,” said Phillip M. Neal, the company’s 62-year-old arch controlling and administrator who started with the aggregation about 30 years ago as a controller.
Analysts say Avery Dennison additionally has fabricated some acute moves overseas. The aggregation is architecture plants in China to accomplish labels for customer and appointment products, cartoon for trucks and factories, and tickets and tags for clothing. These new factories will add to assembly from the company’s absolute plants in Shanghai and Hong Kong.
At the aforementioned time, Avery expects to lay off a absolute of 675 workers this year and the aboriginal division of aing year. The aggregation currently employs 20,500 bodies common and added than 1,000 in Southern California.
Smart investments will accumulate this aggregation growing, analysts said. So will its innovations, which accommodate articles that are meant to go able-bodied above some of Avery Dennison’s added adult labels today, such as its strips on Duracell batteries that acquaint users how abundant corpuscle activity is left.
The aggregation is accepted to absorb $80 actor to $85 actor on analysis and development this year. Abundant of that will go against developing the radio-frequency tags, which accept a tiny computer dent anchored in them and until afresh were too big-ticket to be mass-produced.
In accession to accepting an aftereffect in the automotive market, these tags could advance companies’ account practices by allowance them clue their goods. Gillette Co. and Procter & Gamble Co. are amid those attractive at means to put the tags on their articles — aloof the array of audience Avery wants to entice.
The Massachusetts Institute of Technology’s Auto-ID analysis center, which has been alive to ascertain the radio-frequency identification system, has boarded on a balloon activity with Avery and added ally such as Johnson & Johnson, Home Depot Inc. and Target Corp., an Avery agent said.
Avery admiral were afraid to brainstorm about the abeyant for this band of business. But analysts say it’s acceptable to comedy a big role in the company’s growth. “One of the key drivers for these guys,” said Panjabi, “is biting new markets.”
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