MENTOR, Ohio - Avery Dennison Corporation (NYSE: NYSE:AVY), a global materials science company, has announced the appointment of Maria Fernanda Mejia as a director on its board, effective as of February 22, 2024.
Mejia, age 60, brings a wealth of international business experience to Avery Dennison's board. She is recognized for her leadership as the former CEO, International, at Newell Brands Inc., a consumer and commercial products company that reported $8.1 billion in fiscal 2023 revenues. Prior to her role at Newell Brands, Mejia served as senior vice president and president of Kellogg (NYSE:K) Latin America from 2011 to 2019.
Patrick Siewert, the lead independent director and chair of the Governance Committee at Avery Dennison, expressed the company's enthusiasm for Mejia's appointment, citing her proven track record and international expertise with leading consumer packaged goods companies. Mitch Butier, executive chairman of the Board, highlighted Mejia's deep knowledge in consumer goods and her valuable experience serving on public company boards.
Mejia completed her education with a BS in Industrial Distribution from Texas A&M University. Avery Dennison looks forward to leveraging her insights and experiences as the company aims to continue creating long-term value for its stakeholders.
Avery Dennison is known for its diverse range of products and solutions that enhance branding and consumer experience across various industries, including apparel, logistics, and automotive. The company operates in over 50 countries and employs approximately 35,000 people. In 2023, Avery Dennison reported sales of $8.4 billion.
The information provided in this article is based on a press release statement from Avery Dennison Corporation.
InvestingPro Insights
Avery Dennison Corporation (NYSE: AVY), amidst welcoming Maria Fernanda Mejia to its board, showcases a robust financial profile with several key metrics to consider. The company's market capitalization stands at a solid $17.28 billion, reflecting its considerable presence in the materials science sector. This is complemented by a Price/Earnings (P/E) ratio of 34.91, which, while indicative of a high earnings multiple, aligns with the company's historical performance and market expectations. Adjusting for the last twelve months as of Q4 2023, the P/E ratio moderates to 28.23.
Investors should note that Avery Dennison has demonstrated a commitment to shareholder returns, having increased its dividend for 13 consecutive years and maintained dividend payments for an impressive 54 consecutive years. This consistent dividend growth, which was 8.0% in the last twelve months as of Q4 2023, is a testament to the company's financial stability and management's confidence in its business model.
On the operational front, the company's gross profit margin stands at a healthy 27.23%, showcasing the efficiency of its operations and its ability to maintain profitability. Additionally, Avery Dennison's stock has been trading near its 52-week high, with the price at 98.69% of this peak, signaling strong market confidence.
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