H.B. Fuller Co. said on Thursday that it will eliminate 370 jobs in Europe and shutter five manufacturing facilities as a result of its recent purchase of a Forbo Group industrial adhesives business.
H.B. Fuller said the consolidation and restructuring will avoid duplication in both businesses.
CEO Jim Owens said the changes will allow H.B. Fuller to reach its profitable growth goals in the Europe, India, Middle East and Africa operating segment. The company plans to invest $90 million over the next three years in this segment to further integrate services, increase production and improve operations.
"Streamlining our operations and investing where it makes sense will make the region more efficient and able to provide even better service to our customers," Owens said.
The facilities that will close are in England, Germany, Spain, Italy and Austria. The closings will happen during the next two years.
About 100 of the 370 eliminated jobs are in sales, finance, customer service, and research and development, H.B. Fuller said. The Vadnais Heights-based business had 4,000 employees, with the majority of workers overseas. The 370 job cuts represent about 25 percent of the company's European workforce.
H.B. Fuller's stock dropped 31 cents, or 1 percent a share, Thursday, closing at $30.40.
WENDY LEE
