(GLOBE NEWSWIRE) – H.B. Fuller Company announced today that it has finalized the previously announced purchase of TONSAN Adhesive, Inc., the largest independent engineering adhesives provider in China. With this acquisition, H.B. Fuller adds strong customer relationships in high-value, fast-growing engineering adhesives markets, state-of-the-art manufacturing facilities, and strong product and technology development capabilities.
“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,” said Jim Owens, president and CEO, H.B. Fuller. “Together with TONSAN’s management, we will build a stronger position from which to serve our customers in China and around the world. And, with our combined expertise and focus on innovation and growth, we will continue to help customers design new, different and better products.”
TONSAN generated approximately $100 million in revenue in 2014. H.B. Fuller has acquired 95 percent of the equity of TONSAN for cash consideration of Rmb 1.4 billion, or about $225 million. The four founding shareholders of TONSAN will remain with the company as a part of the leadership team and retain a minority equity interest. The results of this business will be included in H.B. Fuller’s Asia Pacific operating segment going forward.
Source: H.B. Fuller