H.B. Fuller Company Acquires Apollo, Fourny for $211M
St. Paul-based H.B. Fuller Co. has announced it has purchased two European companies for a total of $211 million.
The company announced the acquisition of Belgium-based Fourny nv and United Kingdom-based Apollo in a Thursday news release.
Apollo — a manufacturer of liquid adhesives, coatings, and primers — was H.B. Fuller’s most recent purchase.
The purchase of Apollo, based in Tamworth, U.K., complemented the earlier January purchase of Fourny nv in Belgium. In the release, H.B. Fuller said it’s aiming “to enable global expansion” and grow its share in key construction markets in the U.K. and across Europe.
H.B. Fuller President and CEO Jim Owens said that the Fourny acquisition is aimed at accelerating growth in the region and allowing localization of products imported from the United States.
The purchase of Apollo, meanwhile, is expected to drive new growth opportunities for H.B. Fuller’s construction and transportation adhesives businesses in the U.K., Owens said.
“Our companies share cultures and growth strategies that are well aligned, and both companies will integrate seamlessly into our Construction and Engineering Adhesives business units,” Owens said. “Together, we will leverage the synergies made possible through this transaction to partner more efficiently and effectively with customers in roofing, building envelope and transportation.”
Net income attributed to H.B. Fuller Company totaled $161.4 million in 2021, according to Fuller’s year end report. Net revenue totaled $3.278 billion in 2021, an increase of 17.5 percent from 2020, which the company says was primarily driven by a rise in sales volume, product pricing, and currency fluctuations.
While H.B. Fuller has its eyes on Europe, it also made an acquisition within the United States over the last year, according to the year end report.
At the end of November of 2021, the company purchased “certain assets” of Tissue Seal LLC for $24.75 million. Headquartered in Ann Arbor, Michigan, Tissue Seal is a manufacturer of topical tissue adhesives and sutures.