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Avery Dennison Company Information Avery Dennison is easy to label: It's a global leader in the making of adhesive labels used on packaging, mailers, and other items. Pressure-sensitive adhesives and materials account for more than half of the company's sales. Under the Avery Dennison and Fasson brands, the company makes papers, films, and foils coated with adhesive and sold in rolls to printers. The company also makes school and office products (Avery, Marks-A-Lot, HI-LITER) such as notebooks, three-ring binders, markers, fasteners, business forms, tickets, tags, and imprinting equipment. Perhaps its most widely used products are the self-adhesive stamps used by the US Postal Service since 1974. Avery Dennison is a global leader in pressure-sensitive labeling materials, office products and retail tag, ticketing and branding systems. Based in Pasadena, Calif., Avery Dennison is a FORTUNE 500 company with 2006 sales of $5.6 billion. Avery Dennison employs more than 22,000 individuals in 49 countries worldwide who apply the Company’s technologies to develop, manufacture and market a wide range of products for both consumer and industrial markets. Products offered by Avery Dennison include Avery- brand office products and graphics imaging media, Fasson-brand self-adhesive materials, peel-and-stick postage stamps, reflective highway safety products, labels for a wide variety of automotive, industrial and durable goods applications, brand identification and supply chain management products for the retail and apparel industries, and specialty tapes and polymers. The company, which operates manufacturing facilities and sales offices around the world, has been expanding its international operations through acquisitions, especially into China. The expansion has benefitted the company to such an extent that Avery Dennison's international sales exceeded its sales in the US each of the past three years. The company has partnered with Microsoft to co-brand Avery Digital Photo Paper with Microsoft's Picture It! software -- the package combines software and photo-quality printing paper products. In 2007 the company made a major move to expand its Retail Information Services unit, which offers products and services to retailers designing and producing labels and tags as well as supply-chain management services. Avery Dennison bought Paxar, whose strength in the European market greatly enhances Avery Dennison's own, mostly US business, for $1.3 billion. Avery Dennison was created in 1990 by the merger of Avery International and Dennison Manufacturing. In 1935 Stanton Avery founded Kum-Kleen Products, which would become Avery International. After a fire destroyed the plant's equipment in 1938, Avery, who had renamed the company Avery Adhesives, improved the machinery used in making the labels. During and after WWII, Avery Adhesives shifted toward the industrial market for self-adhesives. The company incorporated in 1946. At that time Avery Adhesives sold 80% of its production, consisting of industrial labels, to manufacturers that labeled their own products. The company lost its patent rights for self-adhesive labels in 1952, transforming the firm and the entire industry. As a result, a new division was created -- the Avery Paper Company (later renamed Fasson) -- to produce and market self-adhesive base materials. Avery Adhesives went public in 1961. Three years later it had four divisions: label products, base materials, Rotex (hand-operated embossing machines), and Metal-Cal (anodized and etched aluminum foil for nameplates). Renamed Avery International in 1976, the company closed some manufacturing facilities and cut 8% of its workforce in the late 1980s. In 1990 Avery International merged with Dennison Manufacturing. Dennison was started in 1844 by the father-and-son team of Andrew and Aaron Dennison to produce jewelry boxes. By 1849 Aaron's younger brother, Eliphalet Whorf (E. W.), was running the business and expanding it into tags, labels, and tissue paper. Dennison was incorporated in 1878 with $150,000 in capital. By 1911 Dennison sold tags, gummed labels, paper boxes, greeting cards, sealing wax, and tissue paper, and it had stores in Boston, Chicago, New York City, Philadelphia, St. Louis, and London. Henry Dennison, E. W.'s grandson, was president from 1917 to 1952. From the 1960s to the 1980s, Dennison spent heavily on research and development and helped to develop such products as electronic printers and pregnancy test supplies. In the mid-1980s the firm reorganized its operations, selling seven businesses, closing four others, and focusing on stationery, systems, and packaging. In addition to office products and product identification and control systems, the 1990 merger combined Dennison's office products operations in France (Doret and Cheval Ordex) with Avery International's sizable self-adhesive base materials business. Avery Dennison sold its 50% interest in a Japanese label converting company, Toppan, in 1996, clearing the way to develop its own businesses in Asia. In 1997 an alliance with Taiwanese rival Four Pillars turned sour when Avery Dennison accused the company of stealing trade secrets. (Two executives at Four Pillars were convicted of espionage in 1999.) President and COO Philip Neal was promoted to CEO in 1998. (He became chairman in 2000.) In 1999, adhering to its goal of global expansion, Avery Dennison formed office products joint ventures in Germany with Zweckform Buro-Produkte and in Japan with Hitachi Maxell. Record 1998 sales and earnings were dampened by the news of slowing growth, and in 1999 Avery Dennison closed five plants and began laying off workers. Later that year the company bought Stimsonite, a maker of reflective highway safety products. In early 2000 Avery Dennison began a $40 million expansion of its Chinese manufacturing operations while eliminating 1,500 jobs worldwide. Later in the year the company agreed to jointly package instant imaging and labeling products with Polaroid. Several acquisitions in 2001 included CD Stomper (CD and DVD labels and software). Avery Dennison continued its acquisitive ways in 2002, acquiring Jackstadt (German maker of pressure-sensitive adhesive materials), RVL Packaging (maker of woven and printed labels and other tags for the apparel and retail industries), and L&E Packaging (key supplier and printer for RVL). In 2003 the company sold its European package label converting business (including plants in Denmark and France) to label and packaging company CCL Industries. As part of the deal, Avery Dennison began to supply pressure-sensitive base materials to CCL Industries. The divestiture was part of the company’s strategy to concentrate its efforts in adhesive materials, office products, and retail information services. Phillip Neal retired as chairman and CEO in 2005 and was replaced by director Kent Kresa as chairman and by Dean Scarborough as president and CEO. Job Title: Vice President, Global Internal Audit Business Unit: Corporate North America Company: Corporate Staff U.S. Pasadena, CA-location Relocation Assistance is Available Compensation: 250k + 40% bonus (DOE) Travel: 30% - 40%, includes international Key Job Responsibilities: Position will report to the Audit Committee of the Board of Directors and the Chief Financial Officer. Reporting to position will be the regional directors for the Americas, Europe and Asia Pacific, the global director of IT audit, and the global director of special projects. The department has a base headcount of 16 with variation up to 20. The primary global co-source provider is KPMG. The team delivers 40,000+ audit hours. The mission of the department is to provide an independent and qualitative assessment of risk and execute objective reviews. Assist the business in standardizing, simplifying and improving processes and controls. Pursue best practices in governance and value-add in full alignment with all stakeholders. The strategy of the department is to optimize the co-source model for effective utility of spend, delivery of expertise in disparate geographies, and talent management. Embed continuous controls monitoring in the business. Assess root causes and provide solutions (governance and value-add). Expand audit scope to include new global processes, arising key initiatives, and investigations. Deploy Enterprise Lean Sigma and other effective tools. Import, develop, and export talent on a rotational basis in both Finance and IT. Become a desired rotation for talent development. The department has recently enhanced its global audit methodology, including a more effective and aligned approach to rating and reporting. The approach underscores a business orientation with a focus on continuous improvements and catalyzing change. The reviews have integrated IT and fraud components. Responsibilities: • Conduct a continuous risk assessment, and execute the audit plan as approved by the Audit Committee. • Deliver the audit plan on budget. • Progressively manage, recruit and develop a professional audit staff with sufficient knowledge, skills, experience and professional certifications to achieve effective auditing, consistent with the Global Team’s strategic direction, and with emphasis on leadership development. • Manage the process for 3 annual Audit Committee meetings in February, July and October. • Participate in 4 annual telephone scheduled pre-earnings reviews with the Audit Committee in April, July, October, and January. • Participate in the company’s Corporate Compliance Committee. • Work with Legal and Risk Management on the financial aspect of special investigations including the hotline. • Proactively develop an effective relationship with all stakeholders in the Business Units (commercial and finance), Corporate Controller, Chief Information Officer, Corporate Functional Leaders, and External Auditors. Understand, anticipate and balance the competing objectives of your stakeholders. Deliver pragmatic solutions. • Effective and strategic use and management of co-sourcing arrangements with external internal audit firms, consistent with the Global Team’s strategic direction, and with emphasis on synergies. • Coordinate with the External Auditors to ensure proper audit coverage, elimination of duplication of effort, and improvement in the efficiency and effectiveness of audit activities. Liase with the Director responsible for Sarbanes Oxley on controls related matters. • Benchmark the department on a regular basis in pursuit of better practices. Develop a balanced and progressive approach to training our staff with a cross-over of skill sets to ensure more effective coverage and succession planning. Balanced involvement with relevant professional organizations and roundtables. Position Requirements: • Progressive financial and operational auditing in both public accounting and industry. Proven track record in leading and managing an audit or finance team, with emphasis on best practices in risk assessment, problem solving, and results-driven reporting of audits. Large company experience, and particularly in manufacturing, is preferred. • Bachelor’s degree in Accounting and a CPA, or in finance and economics are required. MBA or other higher education is preferred. Strong business and operational finance background with proven leadership may offset the specific accounting and auditing qualifications. • Strong knowledge of US GAAP, internal controls, business processes, and COSO and IIA standards. Awareness of IFRS is a plus. • Strong analytical and problem solving skills, with an ability to anticipate the next step. • Strong written and verbal communication skills. • Ability to proactively learn, constantly pursue better practices, and energize others to do the same. • Ability to interact effectively with executives, operations managers, finance directors, staff, other corporate departments and outside advisors across multiple countries and cultures. • Ability to travel. • Willing to relocate in several years (must) Notes: The successful candidate will have manufacturing experience with a multi- national manufacturing company with significant revenue outside the U.S. He/she should be well-traveled to Europe, Asia and Latin America. Exposure to emerging markets is preferable. This role requires that an individual be intuitive but not unnecessarily reactive. The successful candidate will know when to examine and take action but not be an alarmist regarding process/policy. This role has growth and movement potential, so qualified individuals who will relocate now and within 3-5 years are urged to apply. If you are interested in this position, please send your resume to teresa.bustamante@averydennison.com for review, and please register on our site by pasting the following link into your browser as well. This will take you to this specific position on our website. gssor 9..v v v -̀ udqxcdmmhrnm-̀ ookx1inar -bnl .hmcdw-bel >et r d` bshnm<l Dwsdqm̀ k-r gnv I na%QHC<264 4%r hc<33
