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2024 ASI Top 20: Avery Dennison

A global materials science and digital identification solutions provider, Avery Dennison currently employs approximately 35,000 people in close to 200 manufacturing and distribution facilities; it operates in over 50 countries. The company provides branding and information labeling solutions, including pressure-sensitive materials. Industries served include home and personal care, apparel, e-commerce, logistics, food and grocery, pharmaceuticals, and automotive. In 2023, international operations constituted approximately 69% of the company’s net sales.

With total 2023 net sales of $8.36 billion, Avery Dennison operates within two business groups: Materials Group, which includes label materials, graphic and reflective materials, and functional bonding materials such as tapes, and Solutions Group, which provides RFID solutions, branding and embellishment solutions, data management and identification solutions, and pricing and productivity solutions. The Materials Group delivered approximately $5.81 billion in 2023, accounting for 69% of total 2023 sales. The Solutions Group had net sales of approximately $2.55 billion, accounting for 31% of total 2023 sales. (The company declined to provide specific adhesives/sealants-related sales and other details.)

Among the company’s brand offering are: Fasson®-, JAC®-, and Avery Dennison®-brand pressure-sensitive label materials and performance tapes products, and e Yongle®-brand tapes for wire harnessing and cable wrapping.

NOTES: In June 2023, Avery Dennison announced the election of Deon Stander, the company’s president and chief operating officer, as the new president and CEO. Mitch Butier, who had served as the company’s chairman and CEO, is now serving as executive chairman of the company’s board of directors.

In the third quarter of 2023, the company approved a restructuring plan to optimize the European footprint of its Materials Group by reducing operations in a manufacturing facility in Belgium. The plan included the reduction of approximately 210 positions and resulted in recorded restructuring charges of $30.4 million in 2023.

In November of 2023, Avery Dennison completed its acquisition of Silver Crystal Group, a Canada-based provider of sports apparel customization and application solutions across in-venue, direct-to-business and e-commerce platforms. In May of 2023, the company acquired LG Group Inc., a Maryland-based designer and manufacturer of apparel brand embellishments. In March of 2023, the company acquired Thermopatch Inc., a New York-based manufacturer specializing in labeling, embellishments, and transfers for the sports, industrial laundry, workwear, and hospitality industries.

Opening image courtesy of Avery Dennison Corp.

No. 3 | Avery Dennison Corp.

Mentor, Ohio
President and Chief Executive Officer: Deon Stander
Sources: annual report, press releases

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