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H.B. Fuller Company (NYSE: FUL), St. Paul, MN, reported sales for the second quarter ended May 29 were $347.9 million, up 16 percent from the prior year period. Organic sales grew by 13 percent.
Profit for the manufacturer of adhesives, sealants, paints and other specialty chemicals declined 37.5 percent to $11 million.
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Year-to-date, sales were $657.4 million, an increase of 13.8 percent over a year ago. Profit improved 26.6 percent to $30 million.
In North America, second-quarter sales grew by 11.7 percent year-over-year with Adhesives up 9.7 percent and Construction Products, formerly known as Specialty Construction, was up 18.6 percent. Nearly all of the growth for the segment was organic. Improved end-market demand, new customer wins, and expanded customer share in construction-related markets led to the strong growth in net revenue.
In EIMEA (Europe, India, Middle East, Africa), net revenue was up 22.2 percent year-over-year and organic sales expanded 18.2 percent. Europe benefited from new wins with customers and restocking actions. India, Middle East, and Africa continued to benefit from strong underlying market growth, but also benefited from meaningful new business gained.
In Latin America, net revenue grew by 8.3 percent year-over-year with Adhesives up 18.4 percent and Paints down 3.0 percent. Adhesives continued to gain business with new and existing customers, while Paints continued to be negatively impacted by the significant slowdown in construction related activity in Central America.
The Asia Pacific segment continued to post very strong revenue growth in the second quarter. Net revenue grew nearly 35 percent versus last year and organic sales increased 18 percent. Organic growth was broad-based and primarily driven by new business and the recovery in economic activity in the region.