HB Fuller announces takeover of Forbo's industrial adhesives unit
HB Fuller is to pay 370 million Swiss francs for the purchase of Forbo Group's industrial adhesives sector.
HB Fuller has announced it has signed a deal to purchase the global industrial adhesives arm of Forbo Group.
Merger and acquisition advisors may have been involved in establishing the agreement, which is worth 370 million Swiss francs (£251.7 million) to be paid in cash.
It is hoped the move will enable HB Fuller to cement its status as a leader in the adhesives industry and gain product technology.
The sector of Forbo Group it is acquiring operates 17 manufacturing facilities across ten countries.
President and chief executive officer at HB Fuller Jim Owens said: "Upon closing of the transaction, HB Fuller will be a $2 billion company, focused on attractive segments of the industrial adhesives market."
He noted it will be targeting Europe, China and North America with its expansion plans.
Shares in the enterprises were up 0.15 per cent yesterday to reach $23.64 after closing the previous session on $23.49.
Posted by Ron Maverick
Source: HB Fuller press release, December 21st