ST. PAUL, Minn.—H.B. Fuller Co. has finalized two acquisitions, extending its reach into two different regions of the globe.
The firm has acquired 95 percent of Tonsan Adhesive Inc.'s equity for about $225 million on Feb. 2. According to H.B. Fuller, Tonsan is the largest independent engineering adhesives provider in China.
On Feb. 3, H.B. Fuller said it finalized its purchase of Continental Products Ltd., a provider of industrial adhesives to the East and Central Africa Markets based in Nairobi, Kenya. The firm said the addition of Continental's business supports its strategy for emerging markets and will be included in its Europe, India, Middle East, and Africa operating segment.
H.B. Fuller did not disclose the purchase price in its Continental acquisition.
Tonsan generated about $100 million in revenue in 2014. H.B. Fuller said the four founding shareholders of Tonsan will remain with the company as part of the leadership team and retain a minority equity interest.
H.B. Fuller will include Tonsan with the results of its Asia-Pacific operating segment.
“With the addition of the Tonsan business, H.B. Fuller is now a key, global competitor in some of the adhesives industry's most innovative and profitable segments,” Jim Owens, president and CEO of H.B. Fuller, said in a statement.
Continental Products serves the paper converting, printing and packaging, labeling, laminating, bookbinding, automotive assembly, footwear, and construction industries, H.B. Fuller said. The firm generated about $2.64 million in revenue for fiscal 2014.
“With this acquisition, we gain a dedicated team with strong customer relationships and local manufacturing capabilities,” Steve Kenny, H.B. Fuller's senior vice president, EIMEA, said in a statement. “H.B. Fuller will work closely with the Continental team to further enhance partnerships with regional customers and to develop, produce and sell new and better products in a strategically important geography.”
H.B. Fuller manufacturers adhesives, sealants and other specialty chemical products worldwide and reported revenue of $2.1 billion in fiscal 2014.