Avery Dennison To Consider Raising Dividend In 2011 - CEO

Date : 09/15/2010 @ 12:53PM
Source : Dow Jones News
Stock : Avery Dennison Corp. (AVY)
Quote : 83.83  1.01 (1.22%) @ 3:59PM

Avery Dennison To Consider Raising Dividend In 2011 - CEO

Avery Dennison (NYSE:AVY)
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Avery Dennison Corp. (AVY) will consider raising its stock dividend or buying back shares in 2011, as the company's financial condition improves, chairman and chief executive Dean Scarborough said.

The manufacturer of labels, price tags and office supplies slashed its annual dividend a year ago to 80 cents a share from $1.64 to preserve cash for debt reduction in the wake of steep declines in sales.

"Now, the company is in better shape," Scarborough said late Tuesday in an interview with Dow Jones Newswires. Demand has improved and the bulging inventories in Avery's businesses lines have been eliminated.

Scarborough anticipates the company's board will consider a dividend increase next year or buying back shares of Avery stock.

"It's something that's definitely on the table," he said. "We should be in a position a return more cash to shareholders."

Avery's stock was recently trading up six cents at $35.38 a share.

-By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com

 
 

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