Avery Dennison Corporation (NYSE:AVY) will seek acquisitions. Gregory Lovins Senior Vice President and Chief Financial Officer said during the Earnings Conference Call for the Fourth Quarter and Full Year ended January 2, 2021, "At the same time that we communicated our financial goals through 2021, we also laid out a 5-year plan for capital allocation, which you can see on Slide 12. We're tracking well against this plan, starting with strong cash flow generation. And we've deployed a total of $3.4 billion over the last 4 years, allocating it in line with our long-term plan. And clearly, our current leverage position gives us ample capacity to continue investing organically as well as through strategic acquisitions, while continuing to return cash to shareholders in a disciplined way".