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June 26, 2014
H.B. Fuller to acquire Tonsan Adhesive for $230 million
H.B. Fuller Co. (St. Paul, Minn.; www.hbfuller.com) has
announced that it has signed an agreement to purchase Tonsan Adhesive, Inc. With this acquisition, H.B. Fuller will add strong customer relationships in the engineering adhesives markets, manufacturing facilities, and product and technology development capabilities. With a solid record of growth and proven technical expertise, Tonsan’s current annual revenue is about $100 million.
Tonsan, the largest independent engineering adhesives provider in China, offers silicone, epoxy, anaerobic and cyanoacrylate technologies that will facilitate H.B. Fuller’s global entry into this important segment. Tonsan develops, manufactures and sells a comprehensive range of engineering adhesive products for key durable assembly markets, such as transportation (automotive, rail and shipbuilding), machinery, photovoltaic, electronics and electrical appliances. H.B. Fuller’s global infrastructure will enable the delivery of Tonsan’s technologies and products around the world and specifically to key global customers.
H.B. Fuller will acquire 95 percent of the equity of Tonsan for cash consideration of about $230 million. The four founding shareholders of Tonsan will remain with the company as a part of the leadership team. Subject to customary closing conditions and regulatory approvals, the transaction is expected to close in the fourth quarter of this year.