H.B. Fuller Acquires ProSpec Construction Products
H.B. Fuller Co. recently announced it has acquired ProSpec® Construction Products, a provider of tile and stone installation products. This acquisition reportedly supports H.B. Fuller’s growth strategy by strengthening its customer profile in the Southeastern and Western regions of the U.S., where tile consumption is the largest. The addition of ProSpec also increases the depth of H.B. Fuller’s product offerings and enables lower costs and better service to customers through a larger manufacturing footprint.
ProSpec, with 2013 net revenue of $27 million, will be included in H.B. Fuller’s North America Construction Products operating segment. H.B. Fuller has purchased the business from Bonsal American, a subsidiary of Oldcastle Inc., the North American holding company of CRH Plc. The acquisition includes three factories and expands the manufacturing footprint of H.B. Fuller’s construction business into Texas and California. It also reportedly improves the company’s manufacturing efficiency in the Southeast and Northeast U.S.
“Construction is one of our key growth segments in North America, and this acquisition is an exciting move for H.B. Fuller,” said Jim Owens, president and CEO. “With ProSpec, we will be able to better serve our big box customers with locations in the West and Southwest, broaden our product line, reduce our manufacturing and freight costs, and increase our presence with customers and key distributors in the Southeast.”