H.B. Fuller Establishes Strategic Presence in Middle East North Africa
H.B. Fuller Acquires Adhesive Business in Egypt
H.B. Fuller Company announced that it 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.
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