Avery Dennison Completes Acquisition of Jackstadt.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--May 17, 2002 Avery Dennison Avery Dennison Corporation (NYSE: AVY) produces pressure-sensitive materials (such as self-adhesive labels), office products, and various paper products. R. Stanton Avery founded Avery in 1935. Avery Dennison Corporation was created in 1990 by merger of Avery and Dennison. Corporation (NYSE NYSE See: New York Stock Exchange :AVY AVY may refer to:
"Today is an important day for both Avery Dennison and Jackstadt, as we complete our largest acquisition in a decade," said Philip M. Neal, chairman and chief executive officer of Avery Dennison. "The combination of Avery Dennison and Jackstadt is an ideal strategic fit in our core pressure-sensitive materials business. Customers of both companies will benefit from this transaction, as we will be able to offer an even broader selection of products and services around the world." Integration of Jackstadt operations into Avery A·ver·y , Oswald 1877-1955. American bacteriologist noted for establishing (1944) that DNA is responsible for the transmission of heritable characteristics. Dennison's businesses will begin immediately. Headquarters for Avery Dennison's pressure-sensitive materials operation in Europe will move to Jackstadt's site in Wuppertal, Germany. Senior management of the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. roll materials business, composed of individuals from both Avery Dennison and Jackstadt, will be based in Wuppertal, while Avery Dennison's administrative, information technology, research and development and other support functions will remain at their current facilities in Leiden, The Netherlands. Avery Dennison announced that it expects to post an acquisition-related restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. in the range of $30 million to $40 million by the end of 2002. Reorganization costs, on a cash basis, are expected to be in the range of $60 million to $70 million, and are expected to include expenses related to the reduction of a total of approximately 800 to 1,000 positions at Avery Dennison and Jackstadt operations worldwide within the next two years. The Company stated that the acquisition is projected to be dilutive to Avery Dennison earnings by approximately $.05 to $.08 per share, excluding the expected restructuring charge, during the next 12 months. Avery Dennison indicated that it is funding the transaction with cash and additional debt. "Jackstadt's products and operations are an excellent complement to Avery Dennison's businesses around the world," said Neal. "This strategic acquisition will enable us to accelerate our expansion in rapidly growing markets, particularly Asia, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Europe, where we look forward to many years of continued, profitable growth." Jackstadt is the world's largest privately held manufacturer of self-adhesive materials. Founded in 1920 as a fine paper wholesale business supplying the Germany printing industry, the company began producing self-adhesive papers in 1949. Avery Dennison is a global leader in pressure-sensitive technology and innovative self-adhesive solutions for consumer products and label materials. Based in Pasadena, Calif., the Company had 2001 sales of $3.8 billion. Avery Dennison develops, manufactures and markets a wide range of products for consumer and industrial markets, including Avery-brand office products, Fasson-brand self-adhesive materials, peel-and-stick postage stamps This is a list of postage stamps that are especially notable in some way. The best-known stamps:
v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. retail tag and labeling systems, and specialty tapes and chemicals. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information presented in this news release may constitute "forward-looking" statements. These statements are subject to certain risks and uncertainties. Actual results and trends may differ materially from historical or expected results depending on a variety of factors, including but not limited to price and availability of raw materials, foreign exchange rates, worldwide and local economic conditions, successful integration of acquired companies, financial condition of customers, fluctuations in demand affecting sales to customers and other matters referred to in the Company's SEC filings. |
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