FINAT Navigates Current Label Industry Climate BY GREG KISHBAUGH
Label Industry Global Award Winners Revealed Last week, during the first evening of La- belexpo Americas 2024 , the winners of the Label Industry Global Awards 2024 were announced. The R.Stanton Avery Special Recognition Award sponsored by Avery Dennison, went to Ferdinand Rüesch IV, Senior Vice President, Global Key Accounts, Gallus Ferd. This award recognizes outstanding individuals who re- flect the key values and vision of label indus- try founder Stan Avery. Paul Teachout, Technical Marketing and Content Specialist at Harper Corporation of America, won the Global Achievement Award.
The opening session of the 2024 FINAT European Label Forum (ELF) in Athens, Greece, provided a critical analysis of the current econom- ic conditions, challenges, and opportunities facing the label printing industry. The label printing industry is currently operating in a challenging economic environment marked by several key factors:
Persistently high inflation : Inflation continues to be driven by ris- ing energy costs, which in turn have led to higher expenses for both consumers and businesses. This inflationary pressure has necessitat- ed interest rate hikes aimed at curbing inflation, but these measures have also increased the cost of borrowing, complicating investment decisions for many companies. Slow economic growth : Several European countries are facing what can be described as a ‘technical recession’, with economic growth re- maining sluggish. While the labor market remains tight, contributing to wage increases, this dynamic also exacerbates inflationary pressures, further complicating the business environment for label converters. Political uncertainty : Elections and changes in government across Europe have added another layer of uncertainty, making it more dif- ficult for businesses to plan and invest with confidence. This political volatility is contributing to the broader economic challenges faced by the label industry. Excess stock issues : The label industry has been dealing with
Paul Teachout
This award celebrates individuals who have made significant lifetime contributions to the label industry both on the national and inter- national stages. Alex Abbott, Chief Revenue Officer, Smart- Solve was awarded the Rising Star Award sponsored by Avery Dennison. This award recognizes the achievements of emerging talent in the label and packaging industry representing the next generation of industry leaders. Abbott pioneered the idea of having SmartSolve’s labels undergo APR Design for Recyclability Recognition.
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September 23, 2024
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