Avery Dennison is a global manufacturer of pressure-sensitive label materials, RFID tags, and related information solutions, serving industries including food and grocery, apparel, logistics, pharma, and automotive. The core business involves converting raw materials — paper, plastic films, resins, and adhesives — into self-adhesive label materials sold in roll or sheet form to converters (specialized printers and fabricators), who then apply finished labels to consumer products. The company operates through two segments: Materials Group (~69% of sales), which makes and sells label materials, graphics films, performance tapes, and RFID materials; and Solutions Group (~31% of sales), which produces finished tags and labels primarily for apparel and retail, along with RFID solutions, shelf-edge pricing media (VESCOM), and garment decoration (Embellix). Avery Dennison's margins are driven by volume, raw material cost pass-through pricing, productivity programs, and a deliberate mix shift toward higher-margin categories. The highest-profile growth platform is Intelligent Labels — RFID inlays and tags that give physical items a digital identity for inventory tracking, loss prevention, and supply chain visibility. RFID growth is driven by large retailer adoption decisions rather than steady demand, creating lumpy growth; current rollouts include Kroger (bakery) and Walmart (fresh categories including meat, bakery, and deli). High-value categories including RFID, performance tapes, and specialty films now represent roughly 45% of total sales, up from ~33% in 2019. Avery Dennison operates over 200 facilities in more than 50 countries, with roughly 69% of sales outside the U.S.