Finance History | 11 Wall Street — Avery Products Took the Big Board Tape in 1967
· 1967-6
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Finance History | 11 Wall Street — Avery Products Took the Big Board Tape in 1967
kevin
People treat Avery Dennison as a Mentor, Ohio materials campus and a 1990 merger name.
The listed line is older. Avery Dennison's investor FAQ records that the stock was first offered to the public in January 1961 and first traded on the New York Stock Exchange on 20 June 1967.
The company's own history page shows Stanton Avery, Russ Smith, and the Exchange president watching the symbol appear on the board that day.
The name on the tape was still Avery Products Corporation. It had been Avery Adhesive Products until 1964 and became Avery International in 1976.
On 25 May 1990 Avery International and Dennison Manufacturing agreed a stock swap of 1.12 Avery shares for each Dennison share. The New York Times put the announced deal at about 500 million dollars in 1990 currency.
The Justice Department cleared the combination that October. The Los Angeles Times recorded Avery sales of 1.7 billion dollars and Dennison sales of 770 million.
The mechanism is a label maker that listed first and only later absorbed the Massachusetts stationer whose Pres-a-ply line it had supplied since 1941.
The pin is the Broad Street facade of the Exchange, the public viewpoint for the 1967 listing. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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