ST. PAUL, Minn.—H.B. Fuller Co. has extended its reach into two regions through multiple acquisitions.
The firm 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 Kenya. The business said the addition of Continental's business supports its strategy for emerging markets.
H.B. Fuller did not disclose the purchase price for Continental Products, but it said the firm generated about $2.64 million in revenue for fiscal 2014 and employs 26 at its 16,000-sq.-ft. facility in Nairobi, Kenya.
“Africa is an area of dynamic change and especially as you look out over the next 10 years, this is a very important strategic move for us to be in a part of the world that has huge leaps and bounds from a development standpoint to go,” said Jim Owens, H.B. Fuller president and CEO. “To be positioned here with the right people, the right factory and the right time allows us to be in a position to grow as investment goes into Africa.”
H.B. Fuller has integrated all of the employees from both acquisitions. Tonsan will be integrated into H.B. Fuller's Asia-Pacific operating segment, while Continental Products will be included in the Europe, India, Middle East and Africa segment.