H.B. Fuller to Receive $18.75 Million Settlement
September 13, 2009
ST PAUL, MN -- H.B. Fuller Co. has settled its lawsuit with the former owners of the Roanoke Companies Group. As a result of the settlement, the company will receive a pre-tax cash payment in the amount $18.75 million. The lawsuit and subsequent settlement relate to an acquisition transaction that was completed in 2006.
The settlement will result in an after-tax gain of $11.75 million, or 24 cents per diluted share, to be recorded in the 2009 third-quarter results, which are scheduled for release during the week of Sept. 21, 2009.
“We are pleased that this lawsuit has been settled and that this chapter is behind us,” said Michele Volpi, President and Chief Executive Officer. “Although this has proven to be a very challenging acquisition, we remain committed and focused on improving the performance of our Specialty Construction Brands business unit for the long-term benefit of our shareholders.”