Adhesive maker H.B. Fuller Co said it signed an agreement to acquire its smaller rival Royal Adhesives & Sealants from affiliates of private equity firm American Securities LLC for about $1.58 billion.
Through this deal, H.B. Fueller is looking to tap into Royal’s product technology resources.
The St. Paul, Minnesota-based company said in a statement that it intends to fund the deal through new debt financing.
H.B. Fueller said it expected to realize $35 million in cost synergies and $15 million in growth synergies over the next three years as a result of the merger.
Fueller said the combined entity would generate about $2.9 billion revenue.
Morgan Stanley & Co. is advising H.B. Fuller’s in this deal.
Reporting by Sangameswaran S
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