H.B. Fuller has signed an agreement to buy an Australian adhesives maker that generates about $17 million in annual revenue, company officials announced Tuesday. Terms were not disclosed.
Vadnais Heights-based H.B. Fuller expects the purchase of 31-year-old Advanced Adhesives, which also operates in New Zealand, to close later this month if approved by regulators, as expected. The industrial adhesives maker will become part of H.B. Fuller’s Asia Pacific operating division and help strengthen its industrial adhesives offerings and geographic reach.
The addition of Advanced Adhesives, which caters to customers dealing with product assembly, woodworking and the packaging of consumer goods, was widely celebrated by H.B. Fuller officials.
“With this acquisition, we will accelerate our profitable growth agenda in Australia and New Zealand,” said Heather Campe, H.B. Fuller vice president of Asia Pacific. “Advanced Adhesives’ manufacturing capabilities and local market expertise complement our strong network in China, Malaysia and the Philippines. This new business also will enable us to leverage capacity in the region to better serve our current customers and access new markets.”
The deal is one of several acquisitions by H.B. Fuller since 2012.
In early 2015, it bought Continental Products Ltd. to gain a small industrial adhesives firm in eastern and central Africa. In September 2014, it acquired ProSpec Construction Products. In February 2015, it finalized a 95 percent stake in China-based Tonsan Adhesive Inc. for $230 million. And in 2012, it bought the Swiss industrial adhesives firm Forbo Group for $394 million.
H.B. Fuller makes adhesives used in books, paper towels, diapers, autos, packaging, construction sealants and hundreds of electronic and engineering products. As of November 2015, the company had 4,400 employees worldwide, including about 500 in Minnesota.
H.B. Fuller’s stock rose a penny Tuesday to close at $42.82 per share.