Fourth Quarter Highlights

  • Adjusted basic earnings per Class B share(3) of $0.68 down 18.1%; basic earnings per Class B share of $0.65 down 33.0%; currency translation positive $0.01 per share
  • U.S. Tax Cuts and Jobs Act (“TCJA”) bolstered 2017 fourth quarter adjusted basic earnings per Class B share(3) $0.09; basic earnings per Class B share $0.23
  • Sales increased 8.0% on 4.6% CCL organic growth and Treofan acquisition
  • 14.2% operating margin(1) down 240 bps compared to 2017 fourth quarter

2018 Highlights

  • Adjusted basic earnings per Class B share(3) of $2.73, up 1.5%; basic earnings per Class B share of $2.64 down 2.2%
  • Sales increased 8.5% supported by 4.8% CCL organic sales growth
  • Operating income(1) increased 5.2%
  • Free cash flow from operations(4) of $442.5 million for 2018, exceeded 2017 by $4.2 million

TORONTO, Feb. 22, 2019 (GLOBE NEWSWIRE) -- CCL Industries Inc. (“the Company”) (TSX:CCL.A) (TSX:CCL.B), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, today reported fourth quarter and annual financial results for 2018.

Sales for the fourth quarter of 2018 increased 8.0% to $1,332.8 million, compared to $1,234.5 million for the fourth quarter of 2017, with 1.5% organic growth, 5.1% acquisition related growth, and 1.4% positive impact from foreign currency translation.

Operating income(1) for the fourth quarter of 2018 was $189.2 million compared to $205.1 million for the comparable quarter of 2017.

Restructuring and other items was a $6.6 million expense for the 2018 fourth quarter, consisting of reorganization and acquisition transaction costs totaling $3.3 million and other expenses principally related to actuarial pension accruals of $3.3 million for Innovia and legacy CCL U.K. schemes. This non-cash expense is entirely the result of a fourth quarter milestone legal judgment, gender equalizing certain historic guaranteed minimum obligations for all UK defined benefit pension schemes. For the fourth quarter of 2017, restructuring and other items summed to $4.2 million in income resulting from the reversal of a pre-acquisition $15.6 million legal accrual in the Checkpoint Segment partially offset by $11.4 million of reorganization costs. 

Tax expense for the fourth quarter of 2018 was $35.0 million compared to $4.8 million in the prior year period. The effective tax rate for the 2018 fourth quarter was 23.9% resulting in an annual effective tax rate of 25.3%, approximately 3% lower than the historical average effective tax rate prior to the changes brought about by the TCJA.

Net earnings were $114.2 million for the 2018 fourth quarter compared to $169.4 million for the 2017 fourth quarter. Basic and adjusted basic earnings per Class B share(3) were $0.65 and $0.68, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $0.97 and $0.83, respectively, in the prior year fourth quarter.

For the year ending December 31, 2018, sales and operating income improved 8.5% and 5.2% to $5.2 billion and $775.7 million, respectively, compared to December 31, 2017. Included in 2018 and 2017 were $4.3 million and $15.2 million non-cash acquisition accounting adjustments to fair value the acquired inventory from the Treofan and Innovia acquisitions, expensed through cost of sales in the respective years. Excluding these non-cash adjustments, operating income was $780.0 million compared to $752.7 million for 2018 and 2017, respectively. The year ending December 31, 2018, included results from nine acquisitions completed since January 1, 2017, delivering acquisition related sales growth for the period of 5.7%, coupled with organic sales growth of 2.1% and 0.7% positive impact from foreign currency translation. Foreign currency translation had a positive impact of $0.02 per share. For the year ended December 31, 2018, basic and adjusted basic earnings per Class B share(3) were $2.64 and $2.73, respectively, compared to basic and adjusted basic earnings per Class B share(3) of $2.70 and $2.69, respectively, in the prior year.

Geoffrey T. Martin, President and Chief Executive Officer, commented, “As expected, fourth quarter results were comparatively challenging for the CCL Segment, given the currency adjusted 41% increase in operating income reported for the same period of 2017. Strong organic growth and solid operating performances at our CCL Label business only partly offset slower end markets and plant start-up costs at CCL Design and especially tough comparisons at CCL Secure on a large new currency issue in the prior year period. Segment organic growth, excluding CCL Secure, was 7.0%. Checkpoint performance reflects the absence of large, new technology installations this quarter that boosted the prior year period; we will face the same issue for the first quarter of 2019. Recurring revenue product lines, including apparel labels with RFID inlays, posted solid growth. Avery results in the prior year quarter benefitted from buy forwards for legacy product lines in advance of a January 1, 2018 price increase. Direct-to-consumer businesses continued to grow at double-digit organic rates with excellent operating margins(1) globally. Legacy Innovia sales declined but profitability increased, albeit compared to a poor prior year period, on improved mix, productivity actions and easing resin costs. A number of executed pricing actions take effect in the first half of 2019 to begin recovery of the resin inflation experienced over the recent past. Former Treofan operations posted a small loss for the fourth quarter and we expect to start up the new production line in Mexico in the second quarter of 2019. So far, the Company’s first quarter order book looks solid overall but somewhat checkered with certain geographies and business areas surprisingly robust, others muted by economic and political uncertainties.”

Mr. Martin continued, “Foreign currency translation had a positive impact of $0.01 and $0.02 on earnings per Class B share for the fourth quarter and full year 2018, respectively. At today’s Canadian dollar exchange rates, currency translation would be a tailwind, if sustained, for the first quarter of 2019.”

Mr. Martin concluded, “The Company finished the year with a strong balance sheet, despite investing $365.9 million in acquisitions and $330.2 million in capital equipment, net of disposals. The consolidated leverage ratio(5), including the trailing results of the acquired Treofan and Imprint businesses, reduced the Company’s leverage ratio(5) to 1.88 times EBITDA(2). Combined $589.1 million cash-on-hand and US$454.5 million undrawn capacity on our syndicated revolving credit facility summed to a robust liquidity position at the end of the year. With a strong free cash flow outlook for 2019, the Board of Directors declared a 31% increase in the quarterly dividend to $0.17 per Class B non-voting share and $0.1675 per Class A voting share, payable to shareholders of record at the close of business on March 15, 2019, to be paid on March 29, 2019. Continued deleveraging and strategic tuck-in acquisitions remain the priority for excess cash flows in 2019.”

2018 Reporting Changes

Effective January 1, 2018, the Company changed its reportable segments to incorporate all entities previously reported within the Container Segment in the CCL Segment to align with the current management structure and reporting. The Company restated comparative Segment information to conform to the current year’s presentation.

2018 Fourth Quarter Highlights


  • Sales increased 6.1% to $827.2 million, with 4.6% organic growth, 0.5% acquisition contribution and 1.0% positive impact from currency translation
  • Regional organic sales growth: mid-single digit in North America and Europe, low-double digit in Latin America, and flat in Asia Pacific
  • Operating income(1) $120.1 million, 14.5% operating margin(1), compared to $133.4 million, for 2017 fourth quarter, on lower results at CCL Design and CCL Secure
  • Label joint ventures added $0.02 earnings per Class B share


  • Sales increased 1.2% to $173.1 million, with 2.3% acquisition contribution and 3.2% positive currency translation offset by 4.3% organic decline
  • Operating income(1) $36.0 million, 20.8% operating margin(1), aided by the Imprint acquisition, compared to $40.7 million, for 2017 fourth quarter


  • Sales down 1.6% to $189.2 million, on organic decline of 2.4%, partially offset by 0.8% positive currency translation
  • Operating income(1) $25.4 million, 13.4% operating margin(1), compared to $30.9 million, for 2017 fourth quarter


  • Sales increased 57.1% to $143.3 million, with 61.1% acquisition contribution and 1.4% positive currency translation partially offset by 5.4% organic decline
  • Improvements at legacy Innovia operations, small operating loss for Treofan acquisition
  • Operating income(1) was $7.7 million compared to $0.1 million for 2017 fourth quarter
  • New Mexican manufacturing line scheduled for second quarter 2019 start-up

2019 Directorship Announcement

Donald G. Lang, Executive Chairman said, “Mr. Ned Guillet, Director and Chairman of the Company’s Human Resources Committee, has advised that he intends to retire from the Board of Directors and that he will not stand for re-election at the 2019 annual shareholders’ meeting, expected to be held in May. Ned brought deep knowledge of all governance matters in his field, significant insight into our consumer customers, global experience and a sensitivity to the importance of people at CCL, all combined with a great sense of humour and an easy-going personality. We thank him for his invaluable guidance and wise counsel during his tenure. We are very pleased that Mr. Alan Horn has agreed to stand for election to the Board at the 2019 annual shareholders’ meeting. Alan previously served as a Director of the Company from 2008 to 2017 and is currently President & CEO of Rogers Telecommunications Limited.”

CCL will hold a conference call at 7:30 a.m. EST on February 22, 2019, to discuss these results. The analyst presentation will be posted on the Company’s website.

To access this call, please dial:

1–844-347-1036 Toll Free
1–209-905-5911 International Dial-In Number
Optional Conference Passcode: 8333869

Audio replay service will be available from February 22, 2019, at 10:30 a.m. EST until March 12, 2019, at 11:30 a.m. EDT.

To access Conference Replay, please dial:
1–855-859-2056 Toll Free  
1–404-537-3406 International Dial-In Number
Conference Passcode: 8333869

For more information on CCL, visit our website - or contact:

Sean WashchukSenior Vice President   
and Chief Financial Officer

Forward-looking Statements

This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as “forward-looking statements”), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the anticipated growth in sales, the impact of foreign currency exchange rates would be a tailwind for the 2019 first quarter; income and profitability of the Company’s segments; and the Company’s expectations regarding general business and economic conditions.

Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions including, but not limited to, the impact of competition; consumer confidence and spending preferences; general economic and geopolitical conditions; currency exchange rates; interest rates and credit availability; technological change; changes in government regulations; risks associated with operating and product hazards; and the Company’s ability to attract and retain qualified employees. Do not unduly rely on forward-looking statements as the Company’s actual results could differ materially from those anticipated in these forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions about the following: global economic environment and higher consumer spending; improved customer demand for the Company’s products; continued historical growth trends, market growth in specific sectors and entering into new sectors; the Company’s ability to provide a wide range of products to multinational customers on a global basis; the benefits of the Company’s focused strategies and operational approach; the achievement of the Company’s plans for improved efficiency and lower costs, including stable aluminum costs; the availability of cash and credit; fluctuations of currency exchange rates; fluctuations in resin prices; the Company’s continued relations with its customers; the Company’s estimated annual cost reductions and financial impact from the restructuring of the Checkpoint and Innovia acquisitions; and economic conditions. Should one or more risks materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements.  Further details on key risks can be found in the 2018 Annual Report, Management’s Discussion and Analysis, particularly under Section 4: “Risks and Uncertainties.” CCL Industries Inc.’s annual and quarterly reports can be found online at and or are available upon request.

Except as otherwise indicated, forward-looking statements do not take into account the effect that transactions or non-recurring or other special items announced or occurring after the statements are made may have on the Company’s business. Such statements do not, unless otherwise specified by the Company, reflect the impact of dispositions, sales of assets, monetizations, mergers, acquisitions, other business combinations or transactions, asset write-downs or other charges announced or occurring after forward-looking statements are made. The financial impact of these transactions and non-recurring and other special items can be complex and depends on the facts particular to each of them and therefore cannot be described in a meaningful way in advance of knowing specific facts. The forward-looking statements are provided as of the date of this press release and the Company does not assume any obligation to update or revise the forward-looking statements to reflect new events or circumstances, except as required by law.

The financial information presented herein has been prepared on the basis of IFRS for financial statements and is expressed in Canadian dollars unless otherwise stated.

Financial Information

CCL Industries Inc.
Consolidated statements of financial position

In millions of Canadian dollars 
  As at December 31, 2018As at December 31, 2017
Current assets     
Cash and cash equivalents  $589.1 $557.5
Trade and other receivables   938.0  821.3
Inventories   524.6  425.1
Prepaid expenses   34.8  33.6
Income taxes recoverable   38.7  13.1
Derivative instruments   -  1.0
Total current assets   2,125.2  1,851.6
Non-current assets     
Property, plant and equipment   1,797.5  1,514.7
Goodwill   1,830.3  1,580.7
Intangible assets   1,138.9  1,082.7
Deferred tax assets   32.5  28.8
Equity accounted investments   59.8  54.0
Other assets   34.3  31.5
Derivative instruments   9.1  -
Total non-current assets   4,902.4  4,292.4
Total assets  $7,027.6 $6,144.0
Current liabilities     
Trade and other payables  $1,223.4 $1,018.4
Current portion of long-term debt   71.8  230.6
Income taxes payable   51.2  50.7
Derivative instruments   0.5  -
Total current liabilities   1,346.9  1,299.7
Non-current liabilities     
Long-term debt   2,419.8  2,100.8
Deferred tax liabilities   216.6  183.5
Employee benefits   320.0  333.6
Provisions and other long-term liabilities    10.6  17.8
Derivative instruments    40.6  50.7
Total non-current liabilities   3,007.6  2,686.4
Total liabilities   4,354.5  3,986.1
Share capital   306.3  279.4
Contributed surplus   92.7  78.0
Retained earnings   2,238.9  1,853.4
Accumulated other comprehensive income (loss)  35.2  (52.9)
Total equity attributable to shareholders of the Company 2,673.1  2,157.9
Total liabilities and equity $7,027.6 $6,144.0

CCL Industries Inc.
Consolidated income statements

 Three Months Ended
December 31
Twelve Months Ended
December 31
In millions of Canadian dollars,
except per share information
 201820172018 2017
Cost of sales 958.0 851.5 3,662.7 3,319.4
Gross profit 374.8 383.0 1,498.8 1,436.3
Selling, general and administrative expenses201.9 190.5 785.8 751.5
Restructuring and other items 6.6 (4.2) 14.8 11.3
Earnings in equity accounted investments(2.7) (1.3) (5.3) (3.7)
  169.0 198.0 703.5 677.2
Finance cost 28.9 32.5 92.9 87.4
Finance income (9.1) (8.7) (12.2) (12.2)
Net finance cost 19.8 23.8 80.7 75.2
Earnings before income tax 149.2 174.2 622.8 602.0
Income tax expense 35.0 4.8 156.0 127.9
Net earnings $114.2$169.4$466.8$474.1
Earnings per share        
Basic earnings per Class B share$0.65$0.97$2.64$2.70
Diluted earnings per Class B share$0.64$0.95$2.61$2.66

CCL Industries Inc.
Consolidated statements of cash flows

 Three Months Ended
December 31
Twelve Months Ended
December 31
In millions of Canadian dollars 20182017 2018
Cash provided by (used for)  
Operating activities  
Net earnings$114.2$169.4$466.8$474.1
Adjustments for:       
Depreciation and amortization 71.3 66.5 278.0 259.2
Earnings from equity accounted investments, net of dividends received (2.1) (1.3) (1.5) (1.2)
Net finance costs 19.8 23.8 80.7 75.2
Current income tax expense 20.2 40.4 139.4 155.2
Deferred taxes 14.8 (35.6) 16.6 (27.3)
Equity-settled share-based payment transactions5.3 1.3 22.9 19.7
Loss (gain) on sale of property, plant and equipment(3.8) 0.5 (3.6) (0.9)
  239.7 265.0 999.3 954.0
Change in inventories 2.9 15.7 (62.1) 8.1
Change in trade and other receivables 28.7 27.5 (58.5) (36.1)
Change in prepaid expenses 2.9 6.1 (1.1) (7.5)
Change in trade and other payables 104.6 37.7 149.4 3.6
Change in income taxes receivable and payable6.7 3.6 (8.6) 8.4
Change in employee benefits (4.0) (3.7) (13.6) 10.7
Change in other assets and liabilities 13.3 (2.3) 1.4 (8.1)
  394.8 349.6 1,006.2 933.1
Net interest paid (24.5) (15.5) (76.8) (67.3)
Income taxes paid (41.2) (47.8) (156.7) (154.6)
Cash provided by operating activities 329.1 286.3 772.7 711.2
Financing activities         
Proceeds on issuance of long-term debt 78.3 - 888.5  1,186.6
Repayment of debt (177.7) (169.2) (882.7)  (384.5)
Proceeds from issuance of shares 0.4 0.6 19.1  12.1
Dividends paid (23.0) (20.4) (92.2)  (81.2)
Cash provided by (used for) financing activities (122.0) (189.0) (67.3)  733.0
Investing activities         
Additions to property, plant and equipment (72.9) (47.0) (352.9)  (285.7)
Proceeds on disposal of property, plant and equipment5.4 0.4 22.7  12.8
Business acquisitions and other long-term investments(14.7) (7.6) (365.9)  (1,191.4)
Cash used for investing activities (82.2) (54.2) (696.1)  (1,464.3)
Net increase (decrease) in cash and cash equivalents 124.9 43.1 9.3  (20.1)
Cash and cash equivalents at beginning of period438.2 512.9 557.5  585.1
Translation adjustments on cash and cash equivalents26.0 1.5 22.3  (7.5)
Cash and cash equivalents at end of the period$589.1$557.5$589.1

CCL Industries Inc.
Segment Information

In millions of Canadian dollars

  SalesOperating income
SalesOperating income
  Three Months Ended December 31Twelve Months Ended December 31
   20182017 201820172018201720182017
CCL $827.2$780.0$120.1$133.4$3,255.1$3,019.4$511.3$471.0
Avery  173.1 171.0 36.0 40.7 711.9 752.9 145.5 164.5
Checkpoint 189.2 192.3 25.4 30.9 712.9 675.2 101.3 87.4
Innovia 143.3 91.2 7.7 0.1 481.6 308.2 17.6 14.6
Total operations$1,332.8$1,234.5$189.2$205.1$5,161.5$4,755.7$775.7$737.5
Corporate expense   (16.3) (12.6)   (62.7) (52.7)
Restructuring and other items (6.6) 4.2   (14.8) (11.3)
Earnings in equity accounted investments 2.7 1.3   5.3 3.7
Finance cost   (28.9) (32.5)   (92.9) (87.4)
Finance income   9.1 8.7   12.2 12.2
Income tax expense  
 (4.8)   (156.0) (127.9)
Net earnings  $114.2$169.4  $466.8$474.1

 Total AssetsTotal LiabilitiesDepreciation and
 Capital Expenditures
December 3120182017
Avery 637.4 593.4 237.3 197.1 17.6 16.1 11.6 13.8
Checkpoint 978.0 941.0 451.2 417.4 27.9 29.0 37.9 23.3
Innovia 1,140.7 751.5 225.2 160.5 36.6 27.4 22.7 10.9
Equity accounted investments 59.8 54.0 - - - - - -
Corporate 565.9 491.1 2,493.3 2,389.5 1.0 0.9 0.7 0.4

Non-IFRS Measures

(1) Operating income and operating income margin are key non-IFRS financial measures used to assist in understanding the profitability of the Company’s business units. Operating income is defined as earnings before corporate expenses, net finance cost, goodwill impairment loss, earnings in equity accounted investments, restructuring and other items, and taxes. Operating income margin, also known as return on sales, is defined as operating income over sales.

(2) EBITDA is a critical non-IFRS financial measure used extensively in the packaging industry and other industries to assist in understanding and measuring operating results. EBITDA is also considered as a proxy for cash flow and a facilitator for business valuations. This non-IFRS financial measure is defined as earnings before net finance cost, taxes, depreciation and amortization, goodwill impairment loss, non-cash acquisition accounting adjustments to inventory, earnings in equity accounted investments and restructuring and other items. Calculations are provided below to reconcile operating income to EBITDA. The Company believes that this is an important measure as it allows management to assess the ongoing business without the impact of net finance cost, depreciation and amortization and income tax expenses, as well as non-operating factors and one-time items. As a proxy for cash flow, it is intended to indicate the Company’s ability to incur or service debt and to invest in property, plant and equipment, and it allows management to compare the business to those of the Company’s peers and competitors who may have different capital or organizational structures. EBITDA is tracked by financial analysts and investors to evaluate financial performance and is a key metric in business valuations. EBITDA is considered an important measure by lenders to the Company and is included in the financial covenants included in the senior notes and bank lines of credit.

Reconciliation of operating income to EBITDA


(In millions of Canadian dollars)   
 Three months ended
December 31

Twelve months ended
December 31 
Avery 173.1 171.0 711.9 752.9
Checkpoint 189.2 192.3 712.9 675.2
Innovia 143.3 91.2 481.6 308.2
Total sales$1,332.8$1,234.5$5,161.5$4,755.7
Operating income    
Avery 36.0 40.7 145.5 164.5
Checkpoint 25.4 30.9 101.3 87.4
Innovia 7.7 0.1 17.6 14.6
Total operating income 189.2 205.1 775.7 737.5
Less: Corporate expenses (16.3) (12.6) (62.7) (52.7)
Add: Depreciation & amortization 71.3 66.5 278.0 259.2
Add: Non-cash acquisition accounting adjustment to inventory - - 4.3 15.2

(3) Adjusted basic earnings per Class B share is an important non-IFRS measure to assist in understanding the ongoing earnings performance of the Company excluding items of a one-time or non-recurring nature. It is not considered a substitute for basic net earnings per Class B share but it does provide additional insight into the ongoing financial results of the Company. This non-IFRS financial measure is defined as basic net earnings per Class B share excluding gains on business dispositions, goodwill impairment loss, non-cash acquisition accounting adjustments to inventory, restructuring and other items, and tax adjustments.

Reconciliation of Basic Earnings per Class B Share to Adjusted Basic Earnings per Class B Share


 Three months ended
December 31
Twelve months ended
December 31
Basic earnings per Class B Share
Net loss from restructuring and other items 0.03 -* 0.07 0.07
Non-cash acquisition accounting adjustment related to inventory - - 0.02 0.06
TCJA remeasurement of deferred tax on indefinite life intangibles
 - (0.14) - (0.14)
Adjusted Basic Earnings per Class B Share$0.68$0.83$2.73$2.69

* The net after tax impact of restructuring and other items was nominal.

(4) Free Cash Flow from Operations – A measure indicating the relative amount of cash generated by the Company during the year and available to fund dividends, debt repayments and acquisitions. It is calculated as cash flow from operations less capital expenditures, net of proceeds from the sale of property, plant and equipment.

The following table reconciles the measure of free cash flow from operations to IFRS measures reported in the consolidated statements of cash flows for the periods ended as indicated.

Free Cash Flow from Operations 2018 2017
Cash provided by operating activities$772.7$711.2
Less: Additions to property, plant and equipment (352.9) (285.7)
Add: Proceeds on disposal of property, plant and equipment 22.7 12.8
Free cash flow from operations$442.5$438.3

(5) Leverage ratio is a measure that indicates the Company’s ability to service its existing debt. Leverage ratio is calculated as net debt divided by EBITDA.

 December 31, 2018

(In millions of Canadian dollars)

Current debt  $71.8 
Long-term debt   2,419.8 
Total debt   2,491.6 
Cash and cash equivalents   (589.1) 
Net debt  $1,902.5 
Proforma EBITDA for 12 months ending December 31, 2018 (see below)  $1,011.3 
Leverage Ratio   1.88 
EBITDA for 12 months ended December 31, 2018  $995.3 
add: Treofan and Imprint EBITDA   16.0 
Proforma EBITDA for 12 months ended December 31, 2018  $1,011.3 

Supplemental Financial Information

Sales Change Analysis

Revenue Growth Rates (%)      
  Three Months Ended December 31, 2018Twelve Months Ended December 31, 2018
 OrganicAcquisitionFX OrganicAcquisitionFX 

Business Description

CCL Industries Inc. employs approximately 21,000 people operating 168 production facilities in 40 countries with corporate offices in Toronto, Canada, and Framingham, Massachusetts. CCL is the world’s largest converter of pressure sensitive and specialty extruded film materials for a wide range of decorative, instructional, functional and security applications for government institutions and large global customers in the consumer packaging, healthcare & chemicals, consumer electronic device and automotive markets. Extruded & laminated plastic tubes, aluminum aerosols & specialty bottles, folded instructional leaflets, precision decorated & die cut components, electronic displays, polymer banknote substrate and other complementary products and services are sold in parallel to specific end-use markets. Avery is the world’s largest supplier of labels, specialty converted media and software solutions for short-run digital printing applications for businesses and consumers available alongside complementary products sold through distributors, mass market stores and e-commerce retailers. Checkpoint is a leading developer of RF and RFID based technology systems for loss prevention and inventory management applications, including labeling and tagging solutions, for the retail and apparel industries worldwide. Innovia is a leading global producer of specialty, high performance, multi-layer, surface engineered films for label, packaging and security applications. The Company is partly backward integrated into materials science with capabilities in polymer extrusion, adhesive development, coating & lamination, surface engineering and metallurgy; deployed as needed across the four business segments.