H.B. Fuller to Receive Settlement from Former Owners of Roanoke Companies Group (9/9/09)

September 9, 2009
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H.B. Fuller Co. announced today that it has settled its lawsuit with the former owners of the Roanoke Companies Group. As a result of the settlement, the H.B. Fuller will receive a pre-tax cash payment in the amount $18.75 million. The lawsuit and subsequent settlement relate to an acquisition transaction that was completed in 2006. Further details regarding the acquisition can be found in the company’s latest 10-K filing.

The settlement will result in an after-tax gain of $11.75 million, or 24 cents per diluted share, to be recorded in the 2009 third quarter results that are scheduled for release during the week of September 21, 2009.

“We are pleased that this lawsuit has been settled and that this chapter is behind us,” said Michele Volpi, president and chief executive officer of H.B. Fuller Co. “Although this has proven to be a very challenging acquisition, we remain committed and focused on improving the performance of our Specialty Construction Brands business unit for the long term benefit of our shareholders.”

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