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Thursday, May 30, 2024

Avery Dennison Stops Investments, Contracts with Russian Suppliers

Glendale-based materials science and manufacturing company Avery Dennison Corp. announced that it is taking multiple business actions in response to Russia’s invasion of Ukraine, including ceasing to enter or renew purchasing contracts with Russian suppliers.

The company has no operations in Ukraine or Russia but does have several employees in both countries. It will unwind existing contracts and will cease all planned investments in Russia.

“The company is focused on the safety and well-being of these team members, while also supporting the unfolding humanitarian crisis surrounding the war,” the company said in a statement.

Avery Dennison will also suspend shipment of all products to the Russian market that do not serve essential categories such as food, pharmaceuticals, medical, etc.

In addition to ceasing business interactions in Russia, the company is making multiple efforts to support Ukraine, such as extending credit to Ukrainian customers and making an initial $1 million donation to Ukraine relief.

Avery employees who house Ukrainian refugees will be provided a stipend by the company. Lastly, the company is matching employee donations to Ukraine relief through its charity, the Avery Dennison Foundation.

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.

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