AI Analysis | Feedback

1. Newell Brands for office and school supplies

2. The Procter & Gamble of office and school essentials

AI Analysis | Feedback

• Academic & Planning Products: Supplies a wide range of notebooks, binders, planners, and calendars under brands like Mead, Five Star, and At-A-Glance for educational and personal use.
• Office & Business Solutions: Offers essential office supplies such as staplers, shredders, laminating and binding machines, and presentation display boards from brands like Swingline, GBC, and Quartet.
• Technology Accessories: Provides computer peripherals and security solutions, including ergonomic accessories, docking stations, and locks, primarily through the Kensington brand.
• Art & Creative Supplies: Delivers professional-grade art materials, including colored pencils, drawing tools, and paper, predominantly under the Derwent brand.

AI Analysis | Feedback

• Walmart Inc. (Symbol: WMT)
  Walmart was Acco Brands' largest customer, accounting for approximately 11% of their net sales in 2023. Acco's products are sold through Walmart's extensive network of physical stores and e-commerce platforms.
• Other Major Retailers and Channels:
  Acco Brands distributes its products through a diverse customer base, including:
  • E-commerce Retailers: Companies that sell products primarily online.
    • Example: Amazon.com, Inc. (Symbol: AMZN)
  • Mass Merchandisers: Large retail chains that sell a wide variety of consumer goods at competitive prices.
    • Example: Target Corporation (Symbol: TGT)
  • Office Superstores and Contract Stationers: Retailers and distributors specializing in office supplies and equipment, serving both individual consumers and corporate clients.
    • Example: ODP Corporation (Symbol: ODP), parent company of Office Depot and OfficeMax
  • Wholesalers and Independent Dealers: Companies that purchase goods in large quantities for resale to other businesses or retailers.

  While specific revenue percentages for these other companies are not individually disclosed by Acco Brands (unless they exceed the 10% threshold), they represent significant channels through which Acco's products reach their ultimate users.

AI Analysis | Feedback

AI Analysis | Feedback

Thomas W. Tedford, President and Chief Executive Officer

Mr. Tedford became President and Chief Executive Officer of ACCO Brands in October 2023, succeeding Boris Elisman. He joined the company in 2010 as Senior Vice President, Corporate Marketing and Product Development. Prior to his current role, he served as President and Chief Operating Officer from 2021 to 2023, and held positions as Executive Vice President and President of ACCO Brands Americas, and then Executive Vice President and President, ACCO Brands, North America from 2011 to 2021. Mr. Tedford has extensive experience in sales, marketing, business development, and general management within the office products industry. His career includes serving as Group Vice President for Client Services at APAC Customer Services, holding various sales and sales leadership positions at Office Depot's Business Services Division, and working as Director of New Business Development and Strategy at the Sam's Club division of Walmart. He began his career as a Sales Representative with Wallace Computer Services. Mr. Tedford has successfully led the operational, cultural, and leadership integrations of key strategic acquisitions during his tenure at ACCO Brands.

Deborah A. O'Connor, Executive Vice President & Chief Financial Officer

Ms. O'Connor was named Executive Vice President and Chief Financial Officer in April 2022. Before joining ACCO Brands, she served as President and Chief Financial Officer of True Value Company, a wholesaler and distributor of home improvement and hardware products, from 2020 to 2021. Prior to her time at True Value, Ms. O'Connor held various executive capacities at Office Max/Office Depot.

Cezary L. Monko, Executive Vice President and President of Europe, Middle East & Africa

Mr. Monko manages ACCO Brands' business operations in Europe, the Middle East, and Africa, overseeing sales, marketing, and operations, and shares responsibility for finance, IT, legal, and human resources. He worked for Esselte for 25 years before its acquisition by ACCO Brands in 2017.

Pamela R. Schneider, Senior Vice President, General Counsel and Corporate Secretary

Ms. Schneider has experience building and leading legal teams for three public companies and a private equity portfolio company. Before her role at ACCO Brands, she was General Counsel and Secretary at Convergint Technologies, where she was also a member of the executive leadership team.

Patrick Buchenroth, Executive Vice President and President, International

Mr. Buchenroth serves as an Executive Vice President and President overseeing ACCO Brands' international operations.

AI Analysis | Feedback

The key risks to ACCO Brands (symbol: ACCL) primarily revolve around the highly competitive market in which it operates, global economic volatility, and the increasing reliance on technology and digital platforms.

1. Competitive Environment and Market Dynamics: ACCO Brands operates in a highly competitive market characterized by low barriers to entry and increasing competition from private label brands and electronic products. This intense rivalry, coupled with market saturation and evolving consumer preferences towards digital solutions, poses a significant threat to the company's market share and profitability.
2. Economic and Strategic Risks: The company is exposed to global economic conditions, including high inflation, fluctuating interest rates, and foreign currency exchange rate volatility. These macroeconomic factors have negatively impacted ACCO Brands' sales and profitability. Geopolitical uncertainties further exacerbate these risks, making financial performance unpredictable.
3. Technological and Cybersecurity Risks: ACCO Brands relies extensively on information technology systems for its operations. Any significant failure of these systems or a cybersecurity breach could adversely affect business operations. The company has experienced cybersecurity breaches in the past, and this risk remains elevated, particularly with the prevalence of remote work arrangements. Additionally, rapid technological changes, such as digitalization and e-commerce, require continuous adaptation to remain competitive.

AI Analysis | Feedback

The accelerated and widespread adoption of digital tools and cloud-based platforms for planning, note-taking, document management, and collaboration functions, which directly diminish the demand for traditional physical office products such as notebooks, planners, binders, physical filing systems, and whiteboards.

AI Analysis | Feedback

Acco Brands (ACCL) operates in various markets, primarily focused on academic, consumer, and business products. The addressable market sizes for their main products or services are as follows:

• School Supplies: The global school supplies market was valued at approximately USD 118.6 billion in 2024 and is projected to reach USD 198.81 billion by 2034.
• Office Supplies: The global office supplies market was valued at USD 177.53 billion in 2024 and is projected to grow to USD 198.98 billion by 2032. Another estimate places the global office supplies market at USD 178.6 billion in 2025, expected to reach USD 223.7 billion by 2035.
• Office Binders: The global office binder market was valued at USD 26.32 billion in 2024 and is expected to grow to USD 28.29 billion by 2033. The global binder clip market alone is anticipated to reach US$ 12.8 billion in 2024, growing to US$ 20.5 billion by 2034.
• Laminating Machines: The global laminating machines market is estimated to be valued at USD 727.6 million in 2025 and is expected to reach USD 1,239.8 million by 2032. The global thermal laminating machine market is projected to grow from USD 679.14 million in 2025 to USD 1,054.68 million by 2035.
• Shredders (Paper Shredders): The global paper shredders market is estimated to be valued at USD 2.69 billion in 2025 and is expected to reach USD 4.25 billion by 2032. Another report indicates the global shredder market was valued at USD 2.43 billion in 2023 and is projected to reach USD 4.70 billion by 2032.
• Consumer Durables (for products like computer and gaming accessories): The global consumer durables market size was valued at USD 1,275.6 billion in 2025 and is expected to reach USD 2,282.2 billion by 2035.

AI Analysis | Feedback

Acco Brands (ACCL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. New Product Innovations and Launches: The company is focused on introducing new products, particularly in high-growth areas such as technology accessories and gaming. There are also plans to explore new product lines within the back-to-school category. This innovation strategy is anticipated to boost sales and mitigate secular headwinds.
2. Expanding Distribution Channels and Market Share Gains: Acco Brands aims to grow revenue by expanding its presence in both traditional and non-traditional retail channels, which is expected to lead to market share gains across its various product categories.
3. Price Increases and Promotional Excellence: The company plans to utilize "price and promotional excellence" as a lever for revenue improvement. This involves strategic pricing actions and promotions to enhance sales and profitability.
4. Stabilizing Demand and Easing Comparisons: While the demand environment for traditional office products has been soft, Acco Brands anticipates that stabilizing trends across certain categories and easing year-over-year comparisons will contribute positively to future revenue growth. The company has observed a lessening impact from planned exits of lower-margin businesses, which also helps improve sales trends.

AI Analysis | Feedback

Share Repurchases

• Acco Brands had an ongoing share repurchase authorization, with an additional $100 million approved in August 2019, bringing the total available for repurchase to $169.6 million as of June 30, 2019.
• The company repurchased $15.0 million (2.9 million shares) in 2024 and $19.4 million in 2022.
• In 2020, common stock repurchases amounted to $36.6 million, and there were no share repurchases in 2023.
• As of December 31, 2024, $14.7 million remained under the existing share repurchase authorization.

Share Issuance

• Acco Brands' share issuance activities primarily related to stock-based compensation, with common stock issued (net of shares withheld for employee taxes) totaling $1.8 million in 2024, $4.3 million in 2023, and $(2.5) million in 2022.
• Additionally, shares were acquired related to tax withholding for stock-based compensation, amounting to 0.4 million shares in 2024, 0.3 million shares in 2023, and 0.3 million shares in 2022.

Outbound Investments

• In late 2020, Acco Brands acquired PowerA, a leading provider of third-party video gaming accessories, for an upfront consideration of $340 million. This acquisition was a strategic move to transition Acco Brands into a more consumer-focused business.
• The PowerA acquisition also included an additional earnout of up to $55 million contingent upon achieving specific growth objectives.
• In the third quarter of 2025, Acco completed the Buro acquisition for AU$16.3 million (approximately US$10.1 million), adding identifiable intangibles and goodwill.

Capital Expenditures

• Acco Brands' capital expenditures, categorized as "Additions to property, plant and equipment" in its cash flow statements, were $(15.9) million in 2024, $(13.8) million in 2023, $(16.5) million in 2022, $(21.2) million in 2021, and $(32.8) million in 2020.
• The company's capital allocation strategy includes investments to support internal capital projects for long-term growth.
• For 2025, Acco Brands expects adjusted free cash flow to be between $90 million and $100 million, which accounts for cash used for additions to property, plant, and equipment, and includes $17 million from asset sales. The company's focus will remain on capital expenditures to ensure long-term financial stability.