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Avery Dennison Corporation ( AVY - Analyst Report) , in association with Rainforest Alliance, has formulated a policy to promote sourcing of materials responsibly and using them in an efficient manner. It includes responsible paper sourcing, procurement and developing greener products from them.
As per the policy, Avery will be bound by certain commitments like identifying the sources of the pulp, natural fiber and paper to aid the customers and industry. It will also have the onus to ensure that its suppliers are pursuing sustainable forest management practices and reward sound environmental performance to its supply chain partners.
Avery, which is among the top players in labeling and packaging materials and solutions along with United Stationers Inc. , ACCO Brands Corporation ( ACCO - Snapshot Report) and The Standard Register Company ( SR - Snapshot Report) , will work to avoid controversial fiber sources and maximize the use of recycled content and fiber.
The company together with external certification experts will evaluate the risks involved in its supply chain of illegal timber and irresponsibly harvested fiber. The strategy aims at the development of procedures for documenting, verifying and reporting supplier performance.
Avery will review the policy and commitments on a regular basis that are based on the best scientific evidence to ensure state of the industry. It intends to minimize the environmental and social impacts of sourcing decisions across the entire paper lifecycle.
Pasadena, Calif.-based Avery manufactures pressure-sensitive materials, and tickets, tags, labels and other converted products. Avery has over 200 manufacturing and distribution facilities encompassing more than 60 countries. Its clientele is spread across the U.S., Europe, Asia, Latin America and other regions.
Avery’s restructuring initiatives will help it focus on its market-leading, pressure-sensitive materials business and Retail Branding and Information Solutions segment.
Avery currently retains a short-term Zacks Rank #1 (Strong Buy).