H.B. Fuller Co. (NYSE: FUL), St. Paul, MN, has announced an initiative to accelerate its growth by restructuring various parts of its business to more closely align with the company’s 2020 strategic vision.
The restructuring initiative will include the elimination or relocation of approximately 220 positions globally by early 2017 across various businesses and functions at the company, along with other product line and operations enhancements and efficiencies.
The changes the company is making will allow H.B. Fuller to operate more effectively and efficiently, while proactively responding to end-market and global industry dynamics, such as global prices for petrochemicals and a significantly stronger U.S. dollar.
These actions, in addition to other initiatives the company will be undertaking to optimize its operations, product lines and business portfolios, will result in restructuring charges of $17 million to $20 million during the 2017 fiscal year.
H.B. Fuller expects the program to deliver approximately $18 million in annual savings, a portion of which will be realized in 2017.