H.B. Fuller Acquires Electronics R&D Firm Engent
H.B. Fuller said Monday that it has acquired Engent, Inc., a provider of manufacturing and research and development services to the electronics industry.
Financial terms of the deal were not disclosed.
H.B. Fuller, a Vadnais Heights-based manufacturer of industrial adhesives, said that the acquisition will add new development and testing capabilities and help it to better serve the growing electronics market. Norcross, Georgia-based Engent provides microelectronics development, testing, and manufacturing services to the military, medical, and industrial sectors.
“With this acquisition, we add advanced application technology, people, and process knowledge that will enhance our growing business in electronics,” H.B. Fuller President and CEO Jim Owens said in a statement.
H.B. Fuller currently provides adhesives to electronics manufacturers. The company plans to bring its customers to Engent’s manufacturing facility in order to demonstrate how H.B. Fuller’s adhesives products can be integrated into the manufacturing process, according to spokeswoman Kimberlee Sinclair.
H.B. Fuller is one of Minnesota’s 30-largest public companies based on revenue, which totaled $1.6 billion in its most recently completed fiscal year. The company did not specify Engent’s annual sales but said that it generated less than $10 million in revenue in 2011.
Shares of the company’s stock were trading up 1 percent at $33.43 early Tuesday afternoon.
H.B. Fuller has recently increased its emphasis on adhesives. Last year, it acquired Liquid Polymer Corporation, a small Ohio-based adhesive maker. It also bought the industrial adhesives business of Switzerland-based Forbo Group for $394 million.
Last month, H.B. Fuller sold its paints business for $120 million.