Long/short equity, medium-term horizon, value, growth

Avery Dennison Is Attractive On Strong Free Cash Flow

Avery Dennison Corp. (NYSE:AVY) is a globally leading producer of labeling and packaging materials and solutions. These products have numerous applications, including a wide variety of consumer goods, such as beverage and food packaging, pharmaceutical products, apparels and labeling for durable products.

AVY data by YCharts

In July 2013, Avery Dennison completed the sale of its Office and Consumer Products to CCL Industries for $500 million. Avery Dennison will receive net proceeds of about $400 million, which it intends to use on reducing debt, increasing share repurchases and for funding pension liabilities. Sales of its office products have suffered from declining sales; and accounted for an increasingly smaller proportion of its profits. This allows the company to focus...

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