Avery Dennison announces proposed divestiture of $70 million in revenues of non-strategic self-adhesive label converting operations.PASADENA, Calif.--(BUSINESS WIRE)--Sept. 8, 1995--Avery Dennison Friday announced that it intends to divest $70 million in revenues of its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. label converting operations, representing just over 2 percent of the company's total sales and approximately 10 percent of its global converting sector. The label converting businesses affected by the proposed sale serve the end-use health and beauty aids and pharmaceutical markets with custom self-adhesive labels and application machinery. These businesses no longer meet the strategic, long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. of the corporation for converting technology. Company operations included in the proposed sale are facilities located in Monrovia, Calif.; Cincinnati; Rexdale, Ontario; and Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . Approximately 350 employees are currently employed at these sites. At the same time, 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. intends to keep the major segments of its U.S. label converting businesses, which serve specialized markets -- such as automotive OEMs and durable goods durable goods Goods, such as appliances and automobiles, that have a useful life over a number of periods. Firms that produce durable goods are often subject to wide fluctuations in sales and profits. Also called consumer durables. manufacturers, heat-transfer and other unique decorating applications, postage stamps This is a list of postage stamps that are especially notable in some way. The best-known stamps:
In announcing the intended divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). , Charles D. Miller, chairman and chief executive officer, stated, "This proposed sale of non-strategic areas of our North American self-adhesive label converting businesses demonstrates Avery Dennison's commitment to focus on serving high economic value segments of the markets in which we participate. "We intend to continue to invest and grow our specialty converting businesses, which create new and proprietary applications and markets for the company's core products. "Customers of the affected businesses can be assured of Avery Dennison's continuing support and commitment during this period of transition. We are grateful for the many years of dedicated service by the employees of these businesses and are confident that their future employer will value their contributions as has Avery Dennison." Miller also commented that the brand name "Avery" will be retained by the company. In further explaining the company's divestiture decision, Miller said that the action strongly supports the key focus of the company's vision to become the global leader in self-adhesive base materials. "Our Fasson roll materials paper and film divisions are the leading suppliers of self-adhesive base materials to major independent label converters serving the health and beauty aids and pharmaceutical markets. With the proposed sale, we are implementing a plan to avoid competing with our label converting customers in these specific markets, while still serving the market with our Fasson-brand base materials," he said. Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and Co. will be handling the transaction and sale-related inquiries. Inquiries concerning the sale may be directed to Peter Gross at Goldman Sachs in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. at 213/617-5751, or to R. Gregory Jenkins, senior vice president and chief financial officer at Avery Dennison headquarters. Avery Dennison, based in Pasadena, makes self-adhesive materials, tapes and labels, office products, tags, retail systems and specialty chemicals. The company has 16,250 employees in 200 manufacturing facilities and sales offices in 29 countries. CONTACT: Avery Dennison, Pasadena Diane B. Dixon, 818/304-2118 (media relations) dixon@averydennison.com or Wayne H. Smith, 818/304-2001 (investor relations Investor relations The process by which the corporation communicates with its investors. ) investorcom@averydennison.com |
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