Also Thursday, July 30, the company said it was reducing its quarterly dividend from 41 cents to 20 cents per share.
“The board is committed to paying a dividend and its decision to reduce the dividend was not taken lightly,” Dean Scarborough, Avery Dennison president and chief executive, said in a statement. “However, the possibility of continued poor market conditions beyond 2009, along with increased pension funding requirements, compels us to take precautionary action.”
A company spokeswoman said recently that Avery Dennison will have moved 34 jobs from its Monarch Lane location by the end of the year. The jobs will move from the Shared Services Accounting Center in Miamisburg to a similar unit in Mentor, she said.
The local site has 763 employees.
Shares of Avery Dennison (NYSE: AVY) were trading up about seven cents Thursday morning, at $29.52.
Avery Dennison makes pressure-sensitive labeling materials, graphics imaging media, RFID inlays and tags and more.
Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.
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