Printing Impressions 300 Fast-Track Firm: AWT Labels & Packaging Drives Growth Through M&A, Diversification

The printing businesses recognized as Fast-Track Firms on the newly published, 2023 Printing Impressions 300 (click here to access the complete PI 300 list) of the largest printers in the U.S. and Canada, as ranked by annual sales, are not all the same. They serve different constituencies in different ways. What joins them is not necessarily what they do and how they do it, but instead their commitment to growth, to expansion, to customer service, and to exemplary sales performance.

Read below why Printing Impressions recognized AWT Labels & Packaging as a Fast-Track Firm.

AWT Labels & Packaging | Minneapolis, Minnesota

Most Recent Fiscal Year Sales: $190 Million
Previous Fiscal Year Sales: $96.5 Million
Percentage Growth: 97%

Bruce Hanson, CEO of AWT Labels & Packaging, reports much of the company’s recent, strong growth has come through numerous acquisitions. | Credit: AWT Labels & Packaging

As a company, AWT Labels & Packaging is strongly entrenched in the label market. While much of the work it does entails label printing onto pressure-sensitive substrates, the company’s product mix does not end there. According to CEO Bruce Hanson, AWT also produces flexible packaging in two sites and runs a shrink-sleeve operation. Moving from process to product, Hanson says AWT serves markets that include healthcare, food and beverage, wine and spirits, and personal/household care. The company currently produces products out of nine locations, three of which were gained by acquisition in the past year.

Asked about the company’s exemplary growth, Hanson confirms that a good amount of it came from the accretion of acquired businesses to the AWT continent. That said, he adds, “We continue to make capital investments, and are seeing steady and consistent organic growth.” Acquiring companies, he says, comes only after careful consideration — they must present a good fit with AWT’s culture and customer experience. Further, the company continues to investigate end-product possibilities, identifying workable adjacencies.

Speaking to market or industry conditions that have contributed to AWT’s revenue growth, Hanson says, “While it’s been a tough year for a number of folks, we’ve seen some growth.” Conditions in some market areas are shifting, he adds, pointing out that post-COVID changes in buying behavior have brought fluctuations in some markets. AWT can ride the waves of these trends because it serves a diversity of markets — not focusing on a specific vertical.

Looking toward the future, Hanson sees, for the near-term, a continued “leaning into” the healthcare market, which he sees as a conduit for continued growth. Further, amid a period of prolonged and continued M&A activity, he says the company will focus on foundation building, bringing teams together. Looking beyond the near-term, Hanson notes that AWT will continue to look for good businesses to bring under its umbrella — those, he adds, “that have the right culture and customer experience,” and are very committed to the company’s end-market strategy. Finally, he sees the company making moves into RFID production, an application that he says, “is really starting to show its value in the marketplace.”

Asked about industry trends affecting the business, Hanson expects to see continued consolidation among what he estimates to be 2,000+ label converters out there. “As you see more companies bringing companies and solutions together, it will change the value that the customers can glean," Hanson projects

The sustainability movement also continues to grow. Within sustainability, he sees companies and suppliers making investments, which businesses like his can then capitalize upon. “Large and small companies are putting their commitments into action,” he concludes.