Pasadena, Calif. - The Board of Directors of Avery Dennison Corporation has increased its quarterly dividend and approved a new authorization for additional share repurchases, the company announced today.
The board declared a quarterly dividend of $0.25 per share, reflecting a five cent, or 25 percent, increase over the previous quarterly dividend. The dividend is payable March 16, 2011 to shareholders of record on March 2, 2011.
The board also authorized the repurchase of up to five million additional shares of the company's outstanding common stock, increasing the current balance of shares available for repurchase to approximately six million.
"The board's actions demonstrate our confidence in the long-term growth of the company and our commitment to returning cash to our shareholders," said Dean A. Scarborough, Avery Dennison chairman, president and chief executive officer.
Under Avery Dennison'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.