H.B. Fuller Completes Strategic Acquisitions Consistent with Profitable Growth Strategy
22 Junho 2023 - 5:51PM
Business Wire
H.B. Fuller Company (NYSE: FUL), the largest pureplay adhesives
provider in the world, announced today that it has completed two
strategic acquisitions that will accelerate transformation of the
company’s portfolio toward more highly specified applications and
enhance diversification of H.B. Fuller’s Construction Adhesives
(CA) business.
The company has acquired Adhezion Biomedical, a privately held
U.S. medical adhesives business with customers in 40 countries,
more than 35 global certifications and 105 patents. The acquisition
of Adhezion, which manufactures and distributes advanced wound
closure and infection prevention adhesives, builds a platform of
scale for H.B. Fuller in the topical skin bonding market, adding to
capabilities attained from its purchase of Tissue Seal in 2021 and
providing vertically integrated adhesive manufacturing and
packaging capability. The acquisition decisively positions the
company for expansion in the medical adhesives industry and creates
a solid, unique platform from which to scale and innovate in the
highly profitable, $8 billion healthcare adhesives space.1
Also in June, H.B. Fuller acquired XCHEM International, an
adhesives manufacturer in the United Arab Emirates that offers a
wide range of specialty adhesives and coatings for industrial and
infrastructure applications in the fast-growing construction
markets of the Middle East and Northern Africa. The acquisition
provides H.B. Fuller’s CA global business unit with its first
manufacturing presence outside the U.S. for its flagship Foster®
brand; broadens CA’s portfolio of highly specified applications;
and diversifies CA’s portfolio toward both non-U.S. and
infrastructure-oriented markets.
“Our aspiration is to supply our customers with drops, not
trucks, of material,” said H.B. Fuller President and CEO Celeste
Mastin. “As we further penetrate highly specified applications
through new technologies and reduce the amount of material our
customers need through innovation in existing, higher volume
segments, we create value for our customers and investors. Although
small, these two acquisitions represent outstanding platforms to
capitalize upon and expand our portfolio into high-growth, highly
specified markets, consistent with our strategy.”
The two acquisitions will contribute approximately $17 million
to revenue and $2 million to adjusted EBITDA in fiscal 2023 and,
inclusive of synergies, are expected to contribute an estimated $60
million in revenue and $15 million in adjusted EBITDA in fiscal
2025.
Adhezion Biomedical will operate within H.B. Fuller’s Hygiene,
Health, and Consumable Adhesives global business unit; XCHEM
International will operate within H.B. Fuller’s CA global business
unit.
About H.B. Fuller Company
Since 1887, H.B. Fuller has been a leading global adhesives
provider focusing on perfecting adhesives, sealants and other
specialty chemical products to improve products and lives. With
fiscal 2022 net revenue of $3.75 billion, H.B. Fuller’s commitment
to innovation and sustainable adhesive solutions brings together
people, products and processes that answer and solve some of the
world's biggest challenges. Our reliable, responsive service
creates lasting, rewarding connections with customers in
electronics, disposable hygiene, medical, transportation,
aerospace, clean energy, packaging, construction, woodworking,
general industries and other consumer businesses. And, our promise
to our people connects them with opportunities to innovate and
thrive. www.hbfuller.com.
1Source: Markets & Markets - Medical Adhesives
Market, Global Forecast to 2026
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version on businesswire.com: https://www.businesswire.com/news/home/20230622378510/en/
Sarah Neunsinger Global Communications +1 651 242 0280
sarah.neunsinger@hbfuller.com
Steven Brazones Investor Relations +1 651 236 5060
steven.brazones@hbfuller.com
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