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Avery Dennison Acquires Rinke Etiketten

Published on 2004-10-04. Author : SpecialChem

PASADENA, Calif. -- Avery Dennison Corporation (NYSE:AVY) announced that it has completed its acquisition of woven label manufacturer Rinke Etiketten, a privately held company based in Sprockhövel, Germany with annual sales in 2003 of 20 million euros, or approximately $25 million. The operation will become part of Avery Dennison's Retail Information Services business, expanding its manufacturing capabilities to include a complete product line of high-quality woven labels for the apparel and retail industries. Terms of the transaction were not disclosed.

"The Rinke acquisition is consistent with our strategy to strengthen our existing businesses with smaller, bolt-on acquisitions in key growth markets around the world," said Philip M. Neal, chairman and chief executive officer of Avery Dennison. "Rinke has an excellent reputation in the marketplace for exceptionally high standards of creativity, design, variety, quality and service in the woven labels sector. The addition of Rinke's operations to Avery Dennison's Retail Information Services business further enhances our position as a leading supplier of global brand identification products and information management systems to the apparel and retail industries."

Rinke's workforce of approximately 200 employees will continue to work at the Rinke manufacturing facility in Sprockhövel, Germany, located near Düsseldorf. The Rinke operation will report to Avery Dennison's European headquarters for its Retail Information Services business, which is based in Wooburn Green, U.K.

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 2003 sales of $4.8 billion. Avery Dennison develops, manufactures and markets a wide range of products for consumer and industrial markets, including Avery-brand office products and graphics imaging media, Fasson-brand self-adhesive materials, peel-and-stick postage stamps, reflective highway safety products, automated retail tag, labeling and branding systems, and specialty tapes and polymers.

Forward-Looking Statements

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; selling prices; impact of legal proceedings, including the U.S. Department of Justice criminal investigation, as well as the European Commission and Canadian Department of Justice investigations, into competitive practices in the label stock industry and any related proceedings or lawsuits pertaining to these investigations or to the subject matter thereof; impact of epidemiological events such as Severe Acute Respiratory Syndrome (SARS) on the economy and the Company's customers and suppliers; successful integration of acquired companies; financial condition and inventory strategies of customers; introduction and acceptance of new products; fluctuations in demand affecting sales to customers; and other matters referred to in the Company's SEC filings.

Source: Avery Dennison


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