H.B. Fuller Company (NYSE: FUL) announced today that it has signed an agreement to purchase adhesives company Plexbond Quimica, S/A, a provider of chemical polyurethane specialties and polyester resins. This business generated nearly $20 million in revenue for the 2012 fiscal year and operates a manufacturing facility in Curitiba, Brazil.
The Plexbond Quimica business works closely with customers to develop innovative, high-quality adhesives solutions, which will enable H.B. Fuller to leverage the value of the company's existing technologies, particularly those serving the flexible packaging industry. As a global, adhesives solutions provider in the highly attractive, fast growing and demanding flexible packaging market, H.B. Fuller has now increased its ability to deliver world-class specialty adhesives solutions, such as laminating adhesives, to customers in Brazil and across South America.
"With this acquisition, we will take a step forward on two important elements of our strategic plan - establishing a manufacturing presence in Brazil and accelerating our growth in the flexible packaging market," said Jim Owens, president and CEO, H.B. Fuller. "H.B. Fuller has a strategic focus on three core areas - packaging, hygiene and durable assembly - and the Plexbond Quimica business will bring us capabilities that we can leverage globally in the important packaging market. The Plexbond Quimica team has deep market knowledge and local manufacturing capabilities that are new to H.B. Fuller, and the enhanced product portfolio and expertise of our combined businesses will enable H.B. Fuller to partner more closely with customers and to grow in South America and around the globe."