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.
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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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