H.B. Fuller Company Acquires ProSpec® Construction Products New Business to Support Company's Growing North America Construction Business
ST. PAUL, Minn., Sept. 3, 2014 /PRNewswire/ -- H.B. Fuller Company (NYSE: FUL) announced today that it has acquired ProSpec® Construction Products, which is a provider of tile and stone installation products. This acquisition supports H.B. Fuller's growth strategy by strengthening the company's customer profile in the southeastern and western regions of the United States, where tile consumption is largest. The addition of ProSpec also increases the depth of H.B. Fuller's product offerings and enables lower-cost and better service to customers through a larger manufacturing footprint.
ProSpec, with 2013 net revenue of $27 million, will be included in H.B. Fuller's North America Construction Products operating segment. H.B. Fuller has purchased the business from Bonsal American, a subsidiary of Oldcastle, Inc., the North American holding company of CRH plc. The acquisition includes three factories and expands the manufacturing footprint of H.B. Fuller's construction business into Texas and California. It also improves the company's manufacturing efficiency in the Southeast and Northeast US.
"Construction is one of our key growth segments in North America, and this acquisition is an exciting move for H.B. Fuller," said H.B. Fuller President and CEO Jim Owens. "With ProSpec, we will be able to better serve our big box customers with locations in the West and Southwest, broaden our product line, reduce our manufacturing and freight costs, and increase our presence with customers and key distributors in the Southeast."
ProSpec has a long history of providing architects, engineers and commercial/residential construction contractors with the finest in professionally specified construction products that include surface preparation systems, tile and stone installation systems, and concrete repair and restoration products.
About H.B. Fuller Company:
For over 125 years, H.B. 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 2013 net revenue of $2.05 billion, H.B. Fuller's commitment to innovation brings together people, products and processes that answer and solve some of the world's biggest challenges. Our reliable, responsive service creates lasting, rewarding connections with customers in packaging, hygiene, general assembly, electronic and assembly materials, paper converting, woodworking, construction, automotive and consumer businesses. And our promise to our people connects them with opportunities to innovate and thrive. For more information, visit us at www.hbfuller.com and subscribe to our blog.
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SOURCE H.B. Fuller Company