Adhesives & Sealants Headlines

H.B. Fuller to Acquire Forbo's Industrial Adhesives Business

H.B. Fuller Co. recently signed an agreement to purchase the global industrial adhesives business of Forbo Group. The business to be acquired represents about 80% by revenue of the Forbo Bonding Systems division of Forbo Group. This business was expected to generate approximately $580 million in revenue for the fiscal year ending December 31, 2011. It operates 17 manufacturing facilities in 10 countries and employs more than 1,100 people globally. The purchase price for the transaction is CHF 370 million on a debt- and cash-free basis, or about $394 million at current exchange rates.

“With this acquisition, we are taking a further step forward in realizing our strategic plans to accelerate growth and improve EBITDA margins,” said Jim Owens, president and CEO of H.B. Fuller. “Upon closing of the transaction, H.B. Fuller will be a $2 billion company, focused on attractive segments of the industrial adhesives market. The acquired Forbo business will fortify our presence in Europe and enhance the transformation of our own business in that region. It will increase our business in China by about 50%, and broadly strengthen our capability in our core markets. In addition, we will enhance our leadership position in North America, gain proprietary technology and become one of a handful of manufacturers capable of producing VAE emulsions.”

The acquisition has been approved by both companies’ boards of directors. The transaction is expected to close as soon as March.

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