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Avery Acquires Finesse Medical, Expands in Medical Sector
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In sync with its strategy to expand in the medical sector, Avery Dennison Corporation (AVY - Free Report) has acquired Longford, Ireland-based Finesse Medical, a maker of materials used for wound care and skin treatments.
Finesse Medical specializes in the development and application of advanced technologies in wound care and skin treatment. This includes skin barrier films and protection creams, and silicone and polyurethane foam wound dressings. It is a key supplier to global healthcare-product original equipment manufacturers and also provides contract manufacturing and product development services. The company generated revenues of around $17 million last year.
Finesse Medical is a strategic fit with Avery Dennison’s Vancive Medical Technologies. Vancive Medical Technologies was previously reported as a standalone segment but now comes under the Industrial and Healthcare Materials segment which generated 7% of Avery Dennison’s revenues in the first quarter of 2017. Finesse Medical’s product portfolio of silicone gels and polyurethane foam dressings will complement Avery Dennison’s products in wound care. Further, its converting and packaging capabilities will enable Avery Dennison to offer expanded manufacturing services to customers.
For 2017, Avery Dennison hiked adjusted earnings per share guidance to a range of $4.50–$4.65 for 2017 in the first-quarter conference call, reflecting a stronger operating outlook and a lower tax rate. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Avery Dennison will continue to increase the pace of investment to leverage specialty labels, graphics, and reflective solutions business, as demonstrated by the acquisitions of Hanita Coatings, Mactac Europe, Hanita Coatings, and Ink Mill. Moreover, consistent focus on productivity, cost control and share repurchases will also drive results.
Driven by these positives, Avery Dennison has outperformed the Zacks classified Office Supplies & Forms sub-industry with respect to price performance on a year-to-date basis. The stock rallied 19.1%, while the industry recorded an increase of 11.4%.
AGCO has an average positive earnings surprise of 40.39% for the trailing four quarters. Altra Industrial Motion generated an average positive earnings surprise of 15.93% in the preceding four quarters, while Parker-Hannifin has an average positive earnings surprise of 14.94% for the last four quarters.
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Avery Acquires Finesse Medical, Expands in Medical Sector
In sync with its strategy to expand in the medical sector, Avery Dennison Corporation (AVY - Free Report) has acquired Longford, Ireland-based Finesse Medical, a maker of materials used for wound care and skin treatments.
Finesse Medical specializes in the development and application of advanced technologies in wound care and skin treatment. This includes skin barrier films and protection creams, and silicone and polyurethane foam wound dressings. It is a key supplier to global healthcare-product original equipment manufacturers and also provides contract manufacturing and product development services. The company generated revenues of around $17 million last year.
Finesse Medical is a strategic fit with Avery Dennison’s Vancive Medical Technologies. Vancive Medical Technologies was previously reported as a standalone segment but now comes under the Industrial and Healthcare Materials segment which generated 7% of Avery Dennison’s revenues in the first quarter of 2017. Finesse Medical’s product portfolio of silicone gels and polyurethane foam dressings will complement Avery Dennison’s products in wound care. Further, its converting and packaging capabilities will enable Avery Dennison to offer expanded manufacturing services to customers.
Avery Dennison Corporation Price
Avery Dennison Corporation Price | Avery Dennison Corporation Quote
For 2017, Avery Dennison hiked adjusted earnings per share guidance to a range of $4.50–$4.65 for 2017 in the first-quarter conference call, reflecting a stronger operating outlook and a lower tax rate. Its consistent execution of strategies continues to enhance competitive advantage while driving profitable growth. Avery Dennison will continue to increase the pace of investment to leverage specialty labels, graphics, and reflective solutions business, as demonstrated by the acquisitions of Hanita Coatings, Mactac Europe, Hanita Coatings, and Ink Mill. Moreover, consistent focus on productivity, cost control and share repurchases will also drive results.
Driven by these positives, Avery Dennison has outperformed the Zacks classified Office Supplies & Forms sub-industry with respect to price performance on a year-to-date basis. The stock rallied 19.1%, while the industry recorded an increase of 11.4%.
Avery currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same sector are AGCO Corporation (AGCO - Free Report) , Altra Industrial Motion Corp. and Parker-Hannifin Corporation (PH - Free Report) . All the three stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AGCO has an average positive earnings surprise of 40.39% for the trailing four quarters. Altra Industrial Motion generated an average positive earnings surprise of 15.93% in the preceding four quarters, while Parker-Hannifin has an average positive earnings surprise of 14.94% for the last four quarters.
Zacks' 2017 IPO Watch List
Before looking into the stocks mentioned above, you may want to get a head start on potential tech IPOs that are popping up on Zacks' radar. Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential? This Special Report gives you the current scoop on 5 that may go public at any time.
One has driven from 0 to a $68 billion valuation in 8 years. Four others are a little less obvious but already show jaw-dropping growth. Download this IPO Watch List today for free >>