2023 ASI Top 20: Avery Dennison Corp.

Avery Dennison is a global materials science and digital identification solutions provider that employs approximately 36,000 people in close to 200 locations operating 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.

With total 2022 net sales of $9 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 $6.5 billion in 2022, accounting for 72% of total 2022 sales. The Solutions Group had net sales of approximately $2.5 billion, accounting for 28% of total 2022 sales. The company’s R&D spending decreased slightly in 2022 to $136.1 million compared to $136.6 million in 2021. (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 January 2022, the company acquired Rietveld, a provider of embellishment solutions and application and printing methods for performance brands and team sports in Europe. Avery Dennison announced in March 2022 its acquisition of TexTrace AG, a technology developer that specializes in custom-made woven and knitted RFID products that can be sewn onto or inserted into garments. In March 2022, Avery Dennison acquired the linerless label technology developed by Catchpoint Ltd, a UK company based in Yorkshire, England. The purchase covers Catchpoint's patents, brand, trade secrets and know-how. The company signed an agreement to acquire Thermopatch in January 2023. Thermopatch is a leader specializing in labeling, embellishments, and transfers for the sports, industrial laundry, workwear and hospitality industries.

Opening image courtesy of Avery Dennison.