HB Fuller Company said it has finalised the previously announced purchase of the largest independent engineering adhesives producer in China, Tonsan Adhesive, Inc.
According to HB Fuller, with this acquisition, it adds strong customer relationships in high-value, fast-growing engineering adhesives markets and strong product and technology development capabilities.HB Fuller Company said it has finalised the previously announced purchase of the largest independent engineering adhesives producer in China, Tonsan #
Tonsan is a high-tech enterprise specialising in R&D, manufacturing and sale of engineering adhesives.
Since 1993, Tonsan has been helping customers solve adhesion problems in machine manufacturing, assembly and maintenance by relying on its high-quality products and optimal service.
H.B. Fuller has acquired 95 per cent of the equity of Tonsan in cash totaling to RMB 1.4 billion or about $225 million. Tonsan generated approximately $100 million in revenue in 2014.
“The four founding shareholders of Tonsan will remain with the company as a part of the leadership team and retain a minority equity interest,” HB Fuller added.
“With the addition of the Tonsan business, HB Fuller is now a key, global competitor in some of the adhesives industry’s most innovative and profitable segments,” said Jim Owens, CEO at HB Fuller.
He added, “With our combined expertise and focus on innovation and growth, we will continue to help customers design new, different and better products.”
For over 125 years, HB Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants and other specialty chemical products to improve products and lives.
With fiscal 2014 net revenues of $2.1 billion, HB Fuller’s commitment to innovation brings together people, products and processes that answer and solve some of the world's biggest challenges.
It serves customers in packaging, hygiene, general assembly, electronic and assembly materials, paper converting, woodworking, construction, automotive and consumer businesses.
The results of this business will be included in HB Fuller’s Asia Pacific operating segment going forward.
(AR)
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