Avery Dennison Announces Completion of Remarketing of Senior Notes

Avery Dennison Corporation AVY today announced that it will purchase the outstanding $109,351,000 aggregate principal amount of its 5.350% Senior Notes due 2020 in the remarketing of those notes in accordance with the terms of the Corporate HiMEDS Units (the “Units”) the Company originally issued in 2007. Pursuant to the purchase contract component of the Units, the net proceeds from the remarketing will be used by the holders of Units to settle their obligations to purchase shares of Avery Dennison common stock from the Company. The transaction is expected to close on November 15, 2010, after which the Company intends to cancel the senior notes.