EXHIBIT 21
SUBSIDIARIES OF REGISTRANT
JURISDICTION PERCENTAGE
IN WHICH OF
ORGANIZED OWNERSHIP
------------ ----------
1. Avery Dennison Corporation (publicly-owned parent of
consolidated group).................................. Delaware
2. Avery Corp. ......................................... Delaware 100% by 1
3. Avery Pacific Corporation ........................... California 100% by 1
4. Avery International Holding GmbH..................... Germany 100% by 1
5. Avery, Inc........................................... California 100% by 1
6. Avery Foreign Sales Corporation B.V.................. Netherlands 100% by 1
7. Avery Coordination Center N.V........................ Belgium 100% by 45
8. Avery International Overseas Finance N.V............. Netherlands 100% by 2
9. Avery Holding Limited................................ United Kingdom 44% by 1
56% by 63
10. Cardinal Insurance Limited .......................... Bermuda 100% by 1
11. AEAC, Inc. .......................................... Delaware 100% by 1
12. Avery Dennison Canada Inc............................ Canada 55% by 1
45% by 63
13. Fasson Sverige AB.................................... Sweden 100% by 1
14. Avery Etiketsystemer A/S ............................ Denmark 100% by 1
15. Avery Etiketten B.V.................................. Netherlands 100% by 28
16. Avery International France S.A. ..................... France 100% by 54
17. Avery Etiketten N.V. ................................ Belgium 100% by 45
18. Avery Dennison U.K. Limited.......................... United Kingdom 100% by 9
19. Avery Maschinen GmbH................................. Germany 85% by 4
20. Avery Label Limited ................................. Ireland 100% by 1
21. Retail Products Limited ............................. Ireland 100% by 20
22. Avery Dennison Office Products U.K. Ltd. ............ United Kingdom 100% by 9
23. Avery Guidex Limited ................................ United Kingdom 100% by 22
24. A.V. Chemie A.G...................................... Switzerland 100% by 34
25. Dennison Sverige AB.................................. Sweden 100% by 53
26. Avery Etikettier-Logistik GmbH....................... Germany 100% by 4
27. Soabar Systems (Hong Kong) Limited................... Hong Kong 100% by 94
28. Fasson Nederland B.V................................. Netherlands 86% by 1
13% by 2
1% by 63
29. Avery Holding B.V.................................... Netherlands 100% by 28
30. Fasson Deutschland GmbH.............................. Germany 100% by 4
31. Fasson France S.a.r.l................................ France 100% by 54
32. Fasson Italia S.p.A.................................. Italy 95% by 1
5% by 2
JURISDICTION PERCENTAGE
IN WHICH OF
ORGANIZED OWNERSHIP
------------ ----------
33. Fasson de Mexico S.A................................. Mexico 100% by 1
34. Fasson Schweiz AG.................................... Switzerland 100% by 1
35. Fasson Scandinavia A/S............................... Denmark 100% by 53
36. Fasson Products (Proprietary) Limited................ South Africa 100% by 1
37. Fasson Hemel Hempstead Limited....................... United Kingdom 100% by 9
38. Fasson Norge A/S..................................... Norway 100% by 1
39. Fasson Osterreich GmbH............................... Austria 100% by 1
40. Fasson Ireland Limited .............................. Ireland 100% by 1
41. Fasson Suomi OY...................................... Finland 100% by 1
42. Fasson Pty. Limited ................................. Australia 100% by 1
43. Avery Properties Pty. Limited........................ Australia 100% by 1
44. Fasson Produtos Adesivos Limitada.................... Brazil 100% by 1
45. Avery Specialty Tape Division N.V.................... Belgium 100% by 1
46. Fasson Canada Inc.................................... Canada 100% by 1
47. Fasson U.K. Limited.................................. United Kingdom 100% by 9
48. Fasson Espana S.A.................................... Spain 100% by 1
49. Avery Automotive Limited............................. United Kingdom 100% by 9
50. Fasson Self-Adhesive Materials South East Asia (Pte)
Ltd.................................................. Singapore 100% by 1
51. Avery Myers Limited.................................. United Kingdom 100% by 9
52. Avery Graphic Systems, Inc. ......................... Delaware 100% by 1
53. Dennison Danmark A/S................................. Denmark 100% by 63
54. Avery Holding S.A. .................................. France 14% by 1
86% by 63
55. Avery de Mexico S.A. de C.V.......................... Mexico 100% by 1
56. Fasson Luxembourg S.A................................ Luxembourg 100% by 29
57. Guidex Limited ...................................... United Kingdom 100% by 22
58. Swindon Letter File Company Limited ................. United Kingdom 100% by 22
59. Novexx Modul Vertriebs GmbH.......................... Germany 100% by 4
60. Avery Etikettsystem Svenska AB ...................... Sweden 100% by 14
61. Fasson Belgie N.V.................................... Belgium 100% by 45
62. Security Printing Division, Inc...................... Delaware 100% by 1
63. Dennison Manufacturing Company....................... Nevada 100% by 1
64. Dennison Far East (Hong Kong) Limited................ Hong Kong 50% by 63
50% by 70
65. Avery Dennison Holdings Limited...................... Australia 100% by 63
66. Avery Dennison Australia Limited..................... Australia 100% by 65
67. Avery Dennison Retail Limited........................ Australia 100% by 65
68. Dennison Limited..................................... United Kingdom 100% by 9
JURISDICTION PERCENTAGE
IN WHICH OF
ORGANIZED OWNERSHIP
------------ ----------
69. Metallised Films & Papers Ltd........................ United Kingdom 100% by 9
70. Dennison International Company....................... Massachusetts 100% by 63
71. Dennison de Mexico S.A. de C.V. ..................... Mexico 87.5% by 70
72. Dennison do Brasil Industria e Comercio Ltda......... Brazil 90% by 70
5% by 80
73. TIADECO Participacoes Ltda........................... Brazil 100% by 70
74. Indumarco Comercial Ltda............................. Brazil 100% by 73
75. Dennison International Holding B.V................... Netherlands 82% by 77
18% by 63
76. Avery Dennison Korea Limited......................... Korea 100% by 12
77. Dennison Manufacturing (Trading) Ltd................. United Kingdom 100% by 63
78. Dennison Monarch Systems, Inc. ...................... Delaware 100% by 63
79. Avery Dennison Office Products Company............... Nevada 100% by 63
80. Dennison Transoceanic Corporation.................... Massachusetts 100% by 63
81. DMC Development Corporation.......................... Nevada 100% by 63
82. Doret S.A............................................ France 100% by 54
83. Establissements Chevalerias S.A...................... France 20% by 54
80% by 82
84. Societe Civile Immobiliere Sarrail................... France 100% by 82
85. Monarch Industries, Inc.............................. New Jersey 100% by 63
86. Avery Buroprodukte GmbH.............................. Germany 100% by 4
87. Transformer Materials Company........................ Missouri 100% by 63
88. National Blank Book Company, Corp. .................. Massachusetts 100% by 63
89. Dennison Ireland Limited............................. Ireland 88% by 75
11% by 82
90. Avery Label (Northern Ireland) Limited............... United Kingdom 100% by 9
91. Dennison Office Products Limited..................... Ireland 100% by 89
92. Dennison Magnetic Media Limited...................... Ireland 100% by 89
93. Etikettrykkeriet A/S................................. Denmark 100% by 14
94. Soabar Systems Hong Kong B.V. ....................... Netherlands 100% by 28
95. Avery Dennison, C.A. ................................ Venezuela 100% by 1
96. Avery Dennison Mexico S.A. de C.V. .................. Mexico 100% by 1
97. Fasson Portugal Produtos Auto-Adesivos Lda. ......... Portugal 97% by 1
3% by 28
All of the preceding subsidiaries have been consolidated in the Registrant's
financial statements and no separate financial statements have been filed.
The parent company also owns 50% of Avery-Toppan Company, Limited (Japan),
which company may be deemed to be a subsidiary. Registrant's share of the
losses and profits is included on an equity basis in the Consolidated Statement
of Income.