ST. PAUL, MN - H.B. Fuller Co. has completed the acquisition of the majority of the assets of privately held Egymelt, a manufacturer and marketer of hot-melt and specialty water-based adhesives headquartered in Cairo, Egypt.
"The acquisition of Egymelt establishes our geographic
presence in one of the fastest growing regions in the world, further expanding
our manufacturing footprint in a manner consistent with our five-year strategic
plan," said Michele Volpi, President and Chief Executive Officer.
"This transaction will allow us to enhance our service offering to global
accounts, improve the economics of existing sales to the region and augment our
current growth profile."
Egymelt currently employs 21 people and had net revenue in
2007 of approximately $4 million. The principle assets acquired include a manufacturing
facility, equipment and inventory. The results of this business will be
included in the company's European operating segment.
"This strategic acquisition is just the beginning of a
much larger commitment to this fast-growing region and builds upon the momentum
created from the recently announced investments in Asia Pacific to drive
geographic expansion. Plans are already in place and being executed upon to
expand capacity and augment the capability of the business to more fully serve
and support our key global account partners," commented Volpi.