H.B. Fuller Co. has announced its acquisition of the majority of the assets of privately held Egymelt, a manufacturer and marketer of hot-melt and specialty water-based adhesives headquartered in Cairo, Egypt.
"The acquisition of Egymelt establishes our geographic presence in one of the fastest-growing regions of the world, further expanding our manufacturing footprint in a manner consistent with our five-year strategic plan," said Michele Volpi, president and chief executive officer of H.B. Fuller Co. "This transaction will allow us to enhance our service offering to global accounts, improve the economics of existing sales to the region and augment our current growth profile."
Egymelt currently employs 21 people and had net revenue of approximately $4 million in 2007. The principle assets acquired include a manufacturing facility, equipment and inventory. The results of this business will be included in the company's European operating segment.
"This strategic acquisition is just the beginning of a much larger commitment to this fast-growing region and builds upon the momentum created from the recently announced investments in Asia Pacific to drive geographic expansion,” Volpi said. “Plans are already in place and being executed to expand capacity and augment the capability of the business to more fully serve and support our key global account partners."
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H.B. FULLER ACQUIRES ADHESIVE BUSINESS IN EGYPT
September 5, 2008