AVERY DENNISON ANNOUNCES FOURTH QUARTER AND FULL YEAR 2022 RESULTS

Materials Group
● Reported sales decreased 5% to $1.4 billion. Sales were up 2% ex. currency and 2% on
an organic basis.
○ Label materials sales were up by low-single digits on an organic basis, with
growth in both high-value and base product categories.
■ Pricing more than offset a low-double-digit volume decline, driven by
inventory destocking.