Avery Dennison Corporation (NYSE: AVY) is industry leader in Pressure-sensitive Materials (PSM) and unique provider of Retail Branding and Information Solutions (RBIS). The company is headquartered in Glendale, California, operates in 50 countries, and has 26,000 employees. PSM segment (76%), manufactures and sells self-adhesive film and paper label materials, high-performance tapes and graphics and reflective materials, performance polymers (largely used to manufacture PSM). PSM products are used in foods, beverages, wines and spirits, home and personal care products, pharmaceuticals, durables, fleet vehicle/automotive, architectural/retail, promotional/advertising, traffic, safety, transportation original equipment manufacturing, personal care, electronics, and in building and construction. PSM customers are Label converters, package designers, packaging engineers and manufacturers, industrial manufacturers, printers, distributors, designers, advertising agencies, government agencies, sign manufacturers, graphic vendors, tape converters, original equipment manufacturers, construction firms, and personal care product manufacturers. The entry of new competitors into the field of PSM, is limited by technical knowledge and capital requirements. AVY technical expertise, relative size and scale of operations, brand …show more content…
EBITDA margins were 6.84%, 7.45%, 10.72%, having an overall growth of 18%. CAPEX growth in 2011 were 25.75%, driven by the selling of the Office and Consumer Products business segment, and by 18% investment growth on the PSM segment. CAPEX growth in 2012, and 2013 were negative, averaging -7%, due to the decline in the PSM segment expansion investment, and the increase on the selling of PP&E. FCF were -$235, $489, and $248 million in 2011, 2012, and 2013 and long term debt were $954, $702, and $950 million in the same