ST. PAUL, Minn.—H.B. Fuller Co. has signed an agreement to purchase Advanced Adhesives Pty. Ltd., the firm said in an April 5 news release.
Based in Australia and also serving the New Zealand market, Advanced Adhesives reported 2015 net revenue of $17 million and will be placed in H.B. Fuller's Asia-Pacific operating segment. The deal is pending government and regulatory requirements with closure expected in late April, H.B. Fuller said.
H.B. Fuller did not disclose the purchase price, but it said that Advanced Adhesives would strengthen its industrial adhesives market position and leverage a broader technology portfolio in both Australia and New Zealand.
“With this acquisition, we will accelerate our profitable growth agenda in Australia and New Zealand,” Heather Campe, vice president, Asia-Pacific, H.B. Fuller, said in a statement. “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.”
H.B. Fuller reported 2015 net revenue of $2.1 billion and is headquartered in St. Paul.