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HB Fuller Co has said that it will acquire 95% of the Chinese firm Tonsan Adhesive Inc for US$230M in cash, while four founding shareholders of Tonsan will retain 5%.
HB Fuller said Tonsan is the largest independent engineering adhesives company in Chinaand that it will benefit from Tonsan’s customer relationships, manufacturing facilities and product development operations. Tonsan’s annual revenue is about US$100M, Fuller said.
"Engineering adhesives make up approximately 30% of the global adhesives market and the segment is expected to grow at rates significantly above the average for the adhesives industry,” HB Fuller said in a statement.
The acquisition strengthens Fuller’s business in China, said CEO Jim Owens in the statement. "This acquisition will launch HB Fuller into some of the most exciting and profitable segments of the adhesives industry.”
The deal is expected to close in Q4.