PASADENA (CNS) – Avery Dennison Corp., a Pasadena-based manufacturer of
office products, adhesive materials and paper goods, announced today second
quarter net income of $73.3 million dollars, or 69 cents per share, compared to
$83.8 million, or 78 cents per share, in the second quarter of 2010 — a
decline of about 13 percent.
“During the second quarter, our two largest segments, pressure-sensitive
materials and retail branding and information solutions, experienced a rapid
decrease in unit volumes that drove results below expectations,’ said Avery
Dennison Chairman, President and CEO Dean Scarborough.
“We are taking action to reduce costs and increase productivity through
this slowdown, and we expect to regain momentum when market conditions
improve. We remain focused on maintaining a strong balance sheet and increasing
return of cash to shareholders.’
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