H.B. Fuller to close 6 plants, cut 130 jobs
Specialty chemical maker H.B. Fuller Co. said Thursday that it will close six factories by mid-2013 and cut 130 jobs across its North American adhesives business as it integrates the recently acquired business of Forbo Group.
H.B. Fuller said many of its operations duplicated those it bought from Forbo Group. The company is evaluating its operations in Europe, the Middle East, Africa and Asia and could announce further cuts in those areas.
H.B. Fuller completed its acquisition of Forbo Group's adhesive operations last month in a deal valued at roughly $394 million. It bought operations that generated about $580 million in revenue during 2011 and included 17 factories in 10 countries.
Plants being closed by mid-2013 are in Pointe-Claire, Quebec; Morris, Ill.; Kansas City, Kan.; Eugene, Ore; Jackson, Tenn.; and Dallas, H.B. Fuller said.
The company will also consolidate its remaining North American adhesive operations within its remaining U.S. facilities in California, Georgia, Illinois, Kentucky, Michigan, Minnesota, Ohio, Texas and Washington.
Shares fell 24 cents to $32 in afternoon trading Thursday. Its shares are near the upper end of their 52-week range of $16.92 to $33.48.