The 2020 Mid-Year Economic Update_long

H.B. Fuller Acquires ProSpec Construction Products

New business to support company's growing North America construction business.

Adhesives manufacturer H.B. Fuller Company (NYSE: FUL), St. Paul, MN, has acquired ProSpec Construction Products, a provider of tile and stone installation products. This acquisition supports H.B. Fuller's growth strategy by strengthening the company's customer profile in the southeastern and western regions of the U.S., where tile consumption is largest. The addition of ProSpec also increases the depth of H.B. Fuller's product offerings and enables lower costs and better service for customers through a larger manufacturing footprint.

ProSpec, with 2013 net revenue of $27 million, will be included in H.B. Fuller's North America construction products operating segment. The acquisition includes three factories and expands the manufacturing footprint of H.B. Fuller's construction business into Texas and California. It also improves the company's manufacturing efficiency in the Southeast and Northeast U.S.

"With ProSpec, we will be able to better serve our big box customers with locations in the West and Southwest, broaden our product line, reduce our manufacturing and freight costs, and increase our presence with customers and key distributors in the Southeast," said H.B. Fuller President and CEO Jim Owens.

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