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AVY - Avery Dennison News Story

$192.99 -3.6  -1.8%

Last Trade - 5:55pm

Sector
Basic Materials
Size
Large Cap
Market Cap £11.88bn
Enterprise Value £13.23bn
Revenue £5.07bn
Position in Universe 685th / 6841

BUZZ-Avery Dennison: Falls as co flags slowing demand in biggest unit

Mon 27th July, 2020 7:02pm
** Shares of packaging products maker  AVY.N  fall as much
as 5.6% to $113.62; stock loses for third straight session and
on track to post biggest one-day pct loss in over a month
    ** Co's biggest unit, label and graphic materials, posts
lower-than-expected sales as customers started destocking 
    ** Unit operations in Europe and N. America experienced
significant demand surges in mid-March through April amid
pandemic, resulting in backlogs that carried into early June
    ** The unit's sales were up 7% in both March and April,
increased 2% in May but fell 6% in June
    ** Sees 2020 adj EBITDA margin growth to be flat with prior
year; says targeting about $500 mln of 2020 free cash flow,
largely in line with Street est
    ** YTD, stock down ~13%

 (Reporting by Ankit Ajmera in Bengaluru)
 ((ankit.ajmera@thomsonreuters.com))
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