Avery Dennison Corp. said Wednesday that it plans to eliminate between 700 and 900 jobs, increase restructuring costs and divest itself of some low-margin businesses.
In a filing with the Securities and Exchange Commission, the Pasadena-based label maker said it expects higher restructuring costs of between $50 million and $65 million. It previously had expected $20 million to $30 million in restructuring costs.
The across-the-board cuts are expected to save $80 million to $90 million, and a portion of the savings will be used for investments in unnamed “growth opportunities.”
At the same time, Avery beefed up payouts to a handful of top executives.
Dean Scarborough, president and chief executive, got a $179,000 boost to his base salary, now at $825,000 a year, and newly elected non-executive chairman Kent Kresa received an additional $165,000 a year in payments.
