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  "docSlug": "09bbf36d82e5",
  "documentTitle": "Avery Dennison Corporation (AVY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-11-10 00:00:00",
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  "pageNumber": 18,
  "pageCount": 89,
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  "nDataPoints": 4,
  "notes": "Uses a combination of historical CEO quotes and industry expert testimony to highlight a potential strategic omission by management.",
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      "kind": "callout",
      "text": "Avery has never disclosed financial contribution from either ThinStream or Fasson Curve",
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      "kind": "callout",
      "text": "The last mention of the word “shrink sleeve” Avery made was on a conference call in 2010 and has never mentioned the word in any SEC filings.",
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      "text": "Label Technology Market Share",
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      "kind": "paragraph",
      "text": "The last mention of the word “shrink sleeve” Avery made was on a conference call in 2010 and has never mentioned the word in any SEC filings. Based on our research, it has taken 15-20% of share in the decorative label market. This could be the reason why management has not wanted to draw attention to the shrink sleeve market.",
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      "kind": "quote",
      "text": "“The clearest threat to Avery has been the growth of shrink sleeves. It’s a container that’s fully decorated where the full bottle is covered by a plastic label and shrunk with heat.”",
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      "kind": "quote",
      "text": "“We showcased several innovative technologies at Labelexpo... The second innovation is Fasson Curve appeal, which will enable consumer packaged goods companies to label containers with complex curves, where today the only option is shrink sleeve.”",
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      "text": "“We showcased several innovative technologies at Labelexpo... The second innovation is Fasson Curve appeal, which will enable consumer packaged goods companies to label containers with complex curves, where today the only option is shrink sleeve.” — Former CEO and Chairman Dean Scarborough, Q3 2010 Conf Call. \"The clearest threat to Avery has been the growth of shrink sleeves. It’s a container that’s fully decorated where the full bottle is covered by a plastic label and shrunk with heat.\" — 50 Year Pressure Sensitive Industry Label Expert.",
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      "kind": "title",
      "text": "Has Avery Been Covering Revenue Loss To Shrink Sleeve Technology?",
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      "evidence": "The deck highlights the risks of ignoring Avery Dennison's financial strain",
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