Avery Retail Information Services sales grow 144%

30 Jan '08

3 min read

"2007 was a challenging year as U.S. retail markets slowed and market conditions for our pressure-sensitive materials business weakened, causing us to miss our revenue growth and profit objectives for the year," said Dean A. Scarborough, president and chief executive officer of Avery Dennison. "We took a number of actions to mitigate the effects of weaker market conditions, including accelerating productivity programs and reducing expenses."

"I am pleased with the Paxar acquisition, which positions us as the clear leader in the global retail information services market," he added. "The integration of Paxar with our Retail Information Services Group has been virtually seamless to our customers and is on track to realize annual cost synergies of nearly $125 million by the end of 2009."

"We continue to achieve solid results in the emerging markets, particularly in China and India where we have expanded our capacity with several new manufacturing facilities," Scarborough said.

"Our radio frequency identification business is gaining traction with the number of inlays sold in 2007 nearly tripling from the previous year. Buoyed by Paxar's RFID business, we expect sales of RFID products to reach $50 million in 2008."

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