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FOREIGN SALES BOOST AVERY PROFITS

PASADENA - Label manufacturer Avery Dennison Corp. has said that its fourth-quarter earnings rose 7%, aided by cost cutting and increased foreign sales, pushing its stock to a 52-week high, reports the Los Angeles Times.

The Pasadena-based company - which commands about half of the world label market - posted a profit of $59.3 million, or 59 cents a share, compared with $55.5 million, or 56 cents, a year earlier.

Avery Dennison's fourth-quarter sales rose 13%, to $1.23 billion from $1.09 billion, on the strength of foreign currency exchange rates and new deals in China and Latin America.

Sales of labels, adhesives and other office products in the US remained relatively flat from the fourth quarter in 2002, but stemmed the declines of earlier in 2003, the paper reported.

Those declines had prompted Avery Dennison to lower its profit outlook for the fourth quarter in October.

SUMMA ACQUIRES IRRIGATION PRODUCT LINES
 
TORRANCE - Summa Industries Inc. has acquired certain assets from the Micro-irrigation division of R.M. Wade & Co., including its registered "Pepco" product brand and transitional rights to its "wade Rain" brand.

"Pepco" is a brand of products for commercial landscape irrigation and Wade Rain is a brand of products used in agricultural irrigation.

The acquisition is expected to add about $5 million in sales to Summa's Irrigation Components segment. Pursuant to the agreement, Summa will supply products to Wade for use in leach mining applications and assume operation of the Wade injection molding and extrusion facility in Fresno.

Consideration for the assets was approximately $2 million.
 
Summa Industries manufactures proprietary engineered plastic products for a broad spectrum of industrial and commercial markets. The Company has manufacturing facilities across North America.

Summa manufactures fittings, tubing, valves, filters and accessories for agricultural and commercial landscape irrigation systems that are shipped to customers worldwide.

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