The Board of Directors of Avery Dennison has authorized the repurchase of an additional 5 million shares of the Company's outstanding common stock.
This authorization increases the current balance of shares available for repurchase to approximately 7.4 million shares.
Under the Company's stock repurchase program, common shares may be repurchased from time to time by or on behalf of the Company in the open market or otherwise.
Repurchases may be commenced or discontinued at any time and, if commenced, may be conducted pursuant to prearranged plans.
The Board of Directors also declared a quarterly cash dividend of $0.40 per share, up 2.6 percent from the previous quarter.
The dividend is payable on December 20, 2006, to shareholders of record at the close of business on December 6, 2006.
This is the 31st consecutive year Avery Dennison has increased dividends. The Company's annual dividend has grown from $0.0375 cents per share in 1975 to $1.57 per share in 2006 for a 31-year compound annual growth rate of 12.8 percent.
Based on the average closing price of the Company's stock year-to-date, total annual dividends will provide a yield of 2.6 percent for 2006.
Avery Dennison Corporation
marketing@alchempro.com
