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Avery Dennison to cut 3,600 jobs as sales drop

January 28, 2009|Times Wire Reports

Avery Dennison Corp. said it would eliminate about 10% of its workforce, or about 3,600 jobs, after reporting its first sales decline in 12 quarters.

The cuts will cost about $120 million, most of which will be booked in 2009, the Pasadena-based adhesive label maker said Tuesday. Avery said it would save $150 million annually over the next two years once the cuts were implemented.

Fourth-quarter net income dropped 46% from a year earlier to $42.6 million, or 43 cents a share, the company said. Revenue fell to $1.51 billion from $1.71 billion.

Avery Dennison shares fell $2.12, or 7.6%, to $25.72.

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