H.B. Fuller Boosts Adhesives with Apollo Buy
US adhesives maker H.B. Fuller has purchased Apollo, the UK’s largest independent manufacturer of liquid adhesives, coatings and primers for the commercial roofing, industrial and construction markets.
H.B. Fuller said the acquisition complements its construction adhesives business, as well as its recent purchase in early January of Belgian adhesives and coatings manufacturer Fourny. The total price for the two acquisitions was $211 million.
Apollo is forecast to generate revenues in 2022 of about £42 million and EBITDA of roughly £11 million. The Tamworth-based firm will operate within H.B. Fuller’s Construction Adhesives and Engineering Adhesives business units.
“With these acquisitions, we have added deep market knowledge, strong customer relationships and a local manufacturing footprint, which will enable H.B. Fuller to capitalize on access to regional capabilities in the UK and core Europe and to fully leverage our cyanoacrylate technology portfolio much more effectively,” said H.B. Fuller President and CEO Jim Owens.
“Apollo’s highly specified commercial roofing, construction and high-performance industrial adhesives will drive new growth opportunities in our construction and transportation adhesives businesses in the UK and across EIMEA. Fourny’s position as a leader in the commercial roofing business will accelerate our growth in the region and allow localization of products imported from the US,” he added.
H.B. Fuller said more than 80% of sales in its construction adhesives business are currently in North America. The St. Paul, Minnesota-headquartered company is expecting to realize annual run-rate synergies of about $8 million by 2024.
Author: Dede Williams, Freelance Journalist
