H.B. Fuller Announces Proactive Restructuring Initiative to

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
H.B. Fuller Announces Proactive Restructuring Initiative to Accelerate Growth

ST. PAUL, Minn., Dec. 09, 2016 (GLOBE NEWSWIRE) -- H.B. Fuller Company (NYSE: FUL ) has announced an initiative to accelerate its growth by restructuring various parts of its business to more closely align with the company’s 2020 strategic vision.

“Our results over the past five years demonstrate the strength of our long-term growth strategy and the commitment of our employees to the company’s success,” said Jim Owens, president and CEO, H.B. Fuller. “Over the past five years, we have transformed our market focus, innovation portfolio and manufacturing capabilities to deliver value for customers, shareholders and employees. As we continue to shift our product portfolio to a richer mix of higher growth, higher profitability adhesive market segments, we need to ensure our resources align with our vision. The proactive changes we are announcing will allow us to invest in the highest opportunity areas within our portfolio and become more agile as we support our customers’ success and deliver our 2020 plan.”

The restructuring initiative will include the elimination or relocation of approximately 220 positions globally by early 2017 across various businesses and functions at the company, along with other product line and operations enhancements and efficiencies. The changes the Company is making will allow H.B. Fuller to operate more effectively and efficiently, while proactively responding to end-market and global industry dynamics, such as global prices for petrochemicals and a significantly stronger U.S. dollar.

“These changes support our plan to deliver 10 percent adjusted EPS growth in 2017 versus 2016 on a comparable 52 week basis,” said Owens. “Our fourth quarter numbers are not yet finalized, but we expect results in line with previous guidance.”

These actions, in addition to other initiatives the Company will be undertaking to optimize its operations, product lines and business portfolios, will result in restructuring charges of $17 million to $20 million ($13 million to $16 million after-tax) during the 2017 fiscal year. These charges will be excluded from the Company’s adjusted earnings per share. The Company expects the program to deliver approximately $18 million in annual savings, a portion of which will be realized in 2017. The Company plans to provide further financial details concerning the 2016 fiscal year and 2017 guidance during its regularly scheduled conference call in mid-January.

Owens added, “The changes we are announcing will be difficult for those affected, and we will treat each person with the respect they deserve and will help them move forward. Our values and commitment to ‘winning the right way’ will guide our actions.” The new organizational structure is based on a thorough analysis of the company’s operations and 2020 strategic vision, and is subject to Works Council and/or Trade Union consultations and other legal requirements.

About H.B. Fuller For nearly 130 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 2015 net revenue of $2.1 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 engineering adhesives, packaging, hygiene, 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 http://www.hbfuller.com .

Safe Harbor for Forward-Looking Statements: Certain statements in this document may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties, including but not limited to the following: the Company's ability to effectively integrate and operate acquired businesses; the ability to effectively implement Project ONE; political and economic conditions; product demand; competitive products and pricing; costs of and savings from restructuring initiatives; geographic and product mix; availability and price of raw materials; the Company's relationships with its major customers and suppliers; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and environmental matters; the effect of new accounting pronouncements and accounting charges and credits; and similar matters. Further information about the various risks and uncertainties can be found in the Company's SEC 10-K filing for the fiscal year ended November 28, 2015. All forward-looking information represents management's best judgment as of this date based on information currently available that in the future may prove to have been inaccurate. Additionally, the variety of products sold by the Company and the regions where the Company does business make it difficult to determine with certainty the increases or decreases in net revenue resulting from changes in the volume of products sold, currency impact, changes in product mix, and selling prices. However, management's best estimates of these changes as well as changes in other factors have been included.

Kimberlee Sinclair Global Communications +1 651 236 5823 Maximillian Marcy Investor Relations +1 651 236 5062

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Harbour BioMed Joins Stock Connect, Boosts Investor Access

Updated Category News Views 4

The Big Leap: Harbour BioMed Joins Stock Connect Well, if this ain't something to get excited about—Harbour BioMed just snagged a spot on the Stock Connect roster. This step isn't just ceremonial. We're talking about real access for mainland Chinese investors to dive directly into the shares of Harbour BioMed (HKEX: 02142.HK) through the Shanghai-Hong Kong and...

Continue Reading
KuCoin's KCUSD Tackles Stablecoin Idle Capital Problem

Updated Category News Views 1

KuCoin's Bold Move with KCUSD Folks, the cat's outta the bag with KuCoin's latest maneuver—introducing KCUSD. At first glance, it seems like they're just introducing another fancy stablecoin product, but peel the onion and there's more to it. We're talking about shaking up how stablecoins sit tight doing nada in the crypto world. KCUSD is out to make those idle balances...

Continue Reading
Yas Island's Bold Move: Expanding With Potter Magic

Updated Category News Views 0

Potter Magic Takes Over Warner Bros. World Abu Dhabi Call it a stroke of wizardry or plain savvy business sense, Miral and Warner Bros. Discovery Global Experiences are betting large on Harry Potter with a trio of themed lands at Warner Bros. World Abu Dhabi. Brace yourselves, because this ain't your mother's theme park nostalgia—this is about breathing new life into a...

Continue Reading
Supernova SPAC Lawsuit: Settlement Proposed, $3M on Table

Updated Category News Views 2

Legal Clouds Over Supernova's SPAC Adventure Alright, folks, buckle up, because whenever you mix SPACs and lawsuits, you're in for a roller coaster. Supernova Partners Acquisition Company, Inc. stands right at the heart of a class action lawsuit, and it's been cooking ever since the court in Delaware gave it a nudge forward. Settlement Talk: What's on the Table? So here's...

Continue Reading
Global Movement Urges Dr. Hak Ja Han's Release

Updated Category News Views 4

Under the shadows of Manhattan's skyline, something more than a regular service took shape. The New Yorker Hotel hosted an impassioned gathering of the Family Federation for World Peace and Unification. These folks weren't just saying their prayers; they were making a call—loud and resonant—for the release of Dr. Hak Ja Han. The Power of Collective Voices Gathering in...

Continue Reading
AB SKF to Hold EGM, Spin Off Automotive Assets

Updated Category News Views 1

SKF's Extraordinary Meeting: A Pivotal Moment AB SKF, a heavyweight in the industrial technology sector, is summoning its shareholders for an Extraordinary General Meeting on October 1, 2026. The venue? The Elite Park Avenue Hotel in Gothenburg, Sweden—sounds fancy, but don't expect to hear a string quartet at this shindig. What's truly on the agenda is a critical...

Continue Reading
Lyon Biennale 2026: Art, Dreams, and Lyon's Magic

Updated Category News Views 2

Unveiling the Art Spectacle in Lyon Alright, buckle up folks, because the 18th Lyon Biennale – Contemporary Art is about to take the stage in grand fashion. Starting on the 19th of September, this art fiesta is not just any exhibit; it's an eleven-venue citywide takeover that runs until the 13th of December, and it is poised to shake up the art scene like a good splash...

Continue Reading
EQT Wraps Up Share Buyback with 4.3M Shares Repurchased

Updated Category News Views 0

EQT's Bold Buyback: Crunching the Numbers Alright, let's peel back the curtain on EQT's latest maneuver—finishing up their share buyback program, all neat and tidy for 2026. They nailed down 707,203 of their own shares just in the first week of September, part of a grand total of 4,368,899 snatched up in the entire effort. That's a whopping SEK 1.448 billion invested in...

Continue Reading
Fosun Pharma Hits the Buyback Button: What's Next?

Updated Category News Views 4

Fosun Pharma's Bold Move Well, if this isn't Fosun Pharma making some noise! Announcing an H-share repurchase plan worth up to HK$1 billion is like setting off fireworks amidst any investor's evening. They're hollering to the market, 'We see value, and we're doubling down on it.' Crunching the Numbers In the first half of 2026, Fosun Pharma's numbers weren't just a flash...

Continue Reading
Stem Cell Market Set for Major Gains to 2031

Updated Category News Views 1

Stem Cells: The Next Frontier or Hype? Folks, stem cells are no longer just a sci-fi concept tucked away in lab coats. This sector's set to boom from USD 18.9 billion in 2026 to a whopping USD 32.57 billion by 2031. Yeah, you heard it right, a solid 11.5% compound annual growth rate. Now, whether you're an investor or just keeping your finger on the biotech pulse, there's...

Continue Reading

Top 5 Most Recently Viewed Articles

Hyra Network Showcases Sovereign AI Vision at TOKEN2049 Event

Updated Category News Views 313

Hyra Network Shines at TOKEN2049 with Sovereign AI Vision Hyra Network has successfully showcased its vision for Sovereign AI at TOKEN2049 Singapore, capturing the attention of the global cryptocurrency community. This decentralized AI infrastructure project has made remarkable strides, positioning itself as a leader in the digital space. Achievements Highlighted at...

Continue Reading
SolarEdge and Canadian Solar: Navigating a Changing Market Landscape

Updated Category News Views 180

SolarEdge's Upward Revision and Future Prospects Goldman Sachs analyst Brian Lee has made significant revisions to the ratings of key residential solar stocks, revealing insights into the current market dynamics. The analyst points out a growing disconnect between mid-to-long-term fundamentals and stock valuations for solar and storage equities as we approach the next few...

Continue Reading
Root, Inc. Engages Investors With Upcoming Q3 Financial Call

Updated Category News Views 59

Root, Inc. Plans Conference Call for Q3 Financial Discussion Root, Inc. (NASDAQ: ROOT), known for its innovative approach in the insurance sector, is gearing up to hold a significant conference call aimed at discussing its financial performance for the third quarter. This call is scheduled for October 30, providing an opportunity for investors and stakeholders to gain...

Continue Reading
EMQ and Volt Active Data Join Forces for Advanced IoT Solutions

Updated Category News Views 176

Partnership Revolutionizes IoT Automation This collaboration creates a comprehensive device-to-decision platform for mission-critical IoT automation. EMQ, recognized as a global leader in MQTT messaging and IoT connectivity, has formed an innovative partnership with Volt Active Data, a leading real-time data platform. This alliance aims to empower enterprises by...

Continue Reading
GitLab Investors Urged to Evaluate Losses Promptly for Action

Updated Category News Views 48

Investors of GitLab Are Urged to Take Action Now In a significant development for shareholders of GitLab Inc. (NASDAQ: GTLB), the law firm Faruqi & Faruqi, LLP is investigating claims regarding potential financial losses among investors. Individuals who have incurred losses exceeding $100,000 in GitLab are especially encouraged to reach out to the firm for a comprehensive...

Continue Reading