H.B. Fuller Buys Apollo, Adhesive Formulator Fourny For $211 Mln

(RTTNews) - H.B. Fuller Company (FUL), an adhesive maker, said on Thursday that it has acquired British liquid adhesives manufacturer Apollo and industrial adhesive formulator Fourny nv in Belgium, for $211 million.

H.B. Fuller expects this deal to add to its adjusted earnings in the first year after the close of the acquisition.

Jim Owens CEO of H.B. Fuller commented: "With these acquisitions, we have added deep market knowledge, strong customer relationships and a local manufacturing footprint, which will enable H.B. Fuller to capitalize on access to regional capabilities in the UK and core Europe and to fully leverage our CA technology portfolio much more effectively."

The UK-based firm also complements H.B. Fuller's construction adhesives businesses in Europe and its recent addition of Fourny nv in Belgium, which had sales of 8 million euros and EBITDA of 2.1 million euros in 2021.

Apollo is projected to have revenue of around 42 million pounds and EBITDA of approximately 11 million pounds for 2022.