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H.B. Fuller Company
Company typePublic
NYSE: FUL
S&P 600 component
Industry
Founded1887; 137 years ago (1887) in St. Paul, Minnesota, USA
FounderHarvey Benjamin Fuller
Headquarters
St. Paul, Minnesota
,
USA
Number of locations
81 (2023)
Area served
Worldwide
Key people
  • Celeste B. Mastin (President and CEO)
  • John J. Corkrean (CFO)
RevenueDecrease US$3.51 billion (2023)
Decrease US$144.9 million (2023)
Total equityIncrease US$1.76 billion (2023)
Number of employees
7,200 (2023)
Divisions
  • Hygiene, Health and Consumable Adhesives
  • Engineering Adhesives
  • Construction Adhesives
Websitehbfuller.com
Footnotes / references
Financials as of December 2, 2023.[1]

H.B. Fuller Company is an American multinational adhesives manufacturing company headquartered in St. Paul, Minnesota. H.B. Fuller manufactures more than 20,000 products for a variety of applications, including those used in construction, engineering, electronics, hygiene products, and food packaging. Its products are made at 81 manufacturing facilities in 26 countries. As of 2023, it was the fourth-largest manufacturer of adhesives and sealants in the world, employed approximately 7,200 people, and had revenues of US$3.5 billion. Celeste Mastin is the company's chief executive officer. In 2024, it ranked No. 781 on the Fortune 1000.

H.B. Fuller was founded in 1887 by Harvey Benjamin Fuller. It began as a one-man operation in St. Paul, Minnesota, becoming a supplier of adhesives with business throughout the United States by the 1890s. It was run by the Fuller family until 1941, when Elmer L. Andersen purchased a majority stake in the company and assumed leadership. Andersen expanded the company internationally and took it public in 1968. It became a member of the Fortune 500 in the 1980s. The company reorganized in the early 2000s to become a specialty chemical firm. It acquired companies and built plants in China and India in the 2010s.

In the 1990s, reports surfaced that children in Latin America were inhaling vapors from H.B. Fuller solvent-based adhesives used in the manufacture of footwear. In response, H.B. Fuller changed its formulation and ceased sale of the adhesive to the general public.

History

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H.B. Fuller was founded in 1887 by Harvey Benjamin Fuller in St. Paul, Minnesota, as a one-person company making glue for wallpaper.[2][3] By the 1890s, Fuller's inventions included wall cleaners and the company had business throughout the United States.[4] It incorporated in 1915, and in 1921, Harvey Jr. took over as president.[5][3]

In 1941, Elmer L. Andersen, purchased the company from the Fuller family.[6] Sales at the time of Andersen's purchase totaled US$200,000 annually; by 1959, sales had increased to US$10 million annually.[3] H.B. Fuller expanded its position in the consumer goods market in 1956 with the construction of a plant in Minneapolis to make packing tape.[7] By 1962, H.B. Fuller was one of the three largest adhesives manufacturers in the United States and had 20 manufacturing facilities in the U.S., South America, and Canada.[3] H.B. Fuller acquired the Costa Rican company Kativo Chemical Industries in 1967, expanding its portfolio to include paints and inks.[8] The company went public and made its initial public offering in 1968.[9]

Andersen's son, Anthony, became company president in 1971. Under his leadership, H.B. Fuller sales increased from US$60 million in 1971 to approximately US$800 million in 1991.[10] In 1976, H.B. Fuller and 22 other companies joined together to form the Minnesota Keystone Program, a group of corporations that agreed to donate a portion of their pre-tax profits to charity.[11] The company became a member of the Fortune 500 in 1983 and was recognized by Robert Levering and Milton Moskowitz as one of the "100 Best Places to Work in America".[12][13] By 1995, the company sold its products globally and had more than 10,000 adhesives in its catalog.[2] That year, the company expanded into powder coating with the construction of a new facility in Oakdale, Minnesota.[14]

Albert P.L. Stroucken became chief executive officer (CEO) in 1998. He began a widespread downsizing and reorganization of the company, closing 26 manufacturing facilities and cutting approximately 2,500 jobs by 2003 in an effort to reduce costs and position the company as a specialty chemical firm. Under Stroucken's leadership, H.B. Fuller sold its powder coating division to Valspar and purchased Roanoke Companies Group for US$270 million.[6] In 2003, the company created a venture capital fund for investing in specialty products.[15] In 2007, it sold its stake in an automotive-related joint venture to partner Ems-Chemie for US$80 million to focus its attention on other lines of business.[16]

Jim Owens became CEO of H.B. Fuller in 2010. Under Owens, H.B. Fuller made more than a dozen acquisitions,[17] including the adhesives division of Forbo Holding AG for US$395 million,[18] a majority stake in Chinese manufacturer Tonsan Adhesives for US$230 million,[19] British firm Apollo and Fourny in Belgium for US$211 million,[20] and Royal Adhesives & Sealants for US$1.6 billion. The acquisition of Royal was the largest in company history and made H.B. Fuller the largest manufacturer of adhesives for commercial roofing and insulated glass in the world.[21] The company also constructed manufacturing facilities in Nanjing, China, and Shirwal, India, in 2011.[22][23] In 2019, the company restructured from five to three global business units: Engineering Adhesives, Construction Adhesives, and Hygiene, Health, and Consumable Adhesives.[24] Owens was succeeded as CEO by Celeste B. Mastin in 2022.[17]

Use of products as an inhalant

[edit]

In the 1990s, reports about the popularity among poor children of the use of adhesives as an inhalant in Central America were published, though the company had been aware of the issue for a decade prior.[25] H.B. Fuller adhesives were common among those abused and the company reportedly declined to add toxic mustard oil to the glue to discourage its use as an inhalant,[26][27] citing exposure concerns for legitimate users of the product and saying that adding the toxin would not address the deeper social issues that led to abuse.[28][25] The company ended the retail sale of Resistol, a commonly abused brand, in the region in 1992. It continued to sell the product for commercial and industrial applications, which drew criticism from advocacy groups who favored a total cessation of the sale of Resistol.[2] The company changed the formula of Resistol in 1994, swapping the compound toluene for a less dangerous and addictive substance, cyclohexane.[27] In 1995, the company was sued for the wrongful death of Joel Linares, a 16-year-old Guatemalan boy who allegedly died from side effects of inhaling Resistol.[2] The lawsuit was dismissed in 1996 by a judge in Minnesota due to a lack of jurisdiction.[29] The company stopped selling solvent-based adhesives in Latin America in November 1999 and said that by August 2000 any remaining supplies should have been used.[30]

Company overview

[edit]

H.B. Fuller manufactures adhesives for a variety of applications, including those used in construction, engineering, electronics, hygiene products, and food packaging.[31][32] The company has 81 manufacturing facilities in 26 countries and manufactures more than 20,000 different products.[33] H.B. Fuller employs approximately 7,200 people, is headquartered in St. Paul, Minnesota, and is led by chief executive officer Celeste Mastin. In 2023, it had net revenue of US$3.5 billion.[1] It was ranked as the fourth-largest manufacturer of adhesives and sealants in the world by Adhesives and Sealants Industry in 2023 and No. 781 on the Fortune 1000 in 2024.[34][35]

Recognition

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In the 1980s, H.B. Fuller was recognized as a "socially responsible" investment for the company's efforts to properly dispose of industrial waste, conserve energy, and for donating property near its headquarters to create a nature reserve.[36] In 1996, Business Ethics named H.B. Fuller one of the Top 100 Best Corporate Citizens.[37]

In the 2020s, the company was recognized for having a high percentage of women in leadership positions by the New York chapter of the International Women's Forum and Twin Cities Business.[38][39] Newsweek recognized H.B. Fuller as one of "America's Most Responsible Companies" in 2020 and a top company for remote work in 2023.[40][41] Investor's Business Daily named H.B. Fuller one of the 100 best environmental, social, and corporate governance companies of 2022.[42] In 2023, Forbes named H.B. Fuller one of the "Best Midsize Employers" in the U.S. and the Star Tribune named the company one of the top 200 employers in Minnesota.[43][44]

In 2022, the company was the first runner-up for an Adhesives and Sealants Council Innovation Award, for Low Monomer/Emission Reactive Hot Melt Adhesives.[45]

See also

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References

[edit]
  1. ^ a b "SEC Form 10-K". United States Securities and Exchange Commission. December 2, 2023. Retrieved January 25, 2024.
  2. ^ a b c d Henriques, Diana B. (November 26, 1995). "Black Mark for a 'Good Citizen'". The New York Times. Retrieved January 17, 2024.
  3. ^ a b c d Quarfoth, Hal (February 6, 1962). "St. Paul's H.B. Fuller CO. was just pot of paste 75 years ago". The Minneapolis Star.
  4. ^ A Fuller Life: The Story of H.B. Fuller Company, 1887-1987. H.B. Fuller. p. 2.
  5. ^ "History". H.B. Fuller. Retrieved January 24, 2024.
  6. ^ a b Bjorhus, Jennifer (November 9, 2006). "H.B. Fuller CEO quits to lead Ohio firm: Volpi will succeed Stroucken on Dec. 1". St. Paul Pioneer Press.
  7. ^ Inskip, Leonard (February 27, 1956). "Work to begin in March on Fuller plant". Minneapolis Morning Tribune.
  8. ^ "H.B. Fuller acquires firm in Costa Rica". The Minneapolis Star. October 25, 1967.
  9. ^ "H.B. Fuller Co. files statement for first public stock offering". The Minneapolis Tribune. February 11, 1968.
  10. ^ Peterson, Susan E. (March 29, 1993). "Shift at the top has gone smoothly at H.B. Fuller". Star Tribune.
  11. ^ St. Anthony, Neal (November 13, 1998). "Award salutes a different kind of business growth". Star Tribune.
  12. ^ Cohen, Ben (September 23, 2005). "H.B. Fuller Co. leader Anthony Andersen dies". Star Tribune.
  13. ^ Hodges, Jill (January 26, 1993). "Seven Minnesota employers make book's top 100". Star Tribune.
  14. ^ Davis, Riccardo A. (March 29, 1995). "Fuller to open powder coating plants in Oakdale; Company reports 49% gain in earnings". St. Paul Pioneer Press.
  15. ^ St. Anthony, Neal (November 16, 2004). "H.B. Fuller invests in Minnesota window company". Star Tribune.
  16. ^ "HB Fuller to sell auto JV to EMS Chemie for $80 mln". Reuters. October 9, 2007. Retrieved January 18, 2024.
  17. ^ a b Reilly, Mark (September 27, 2022). "H.B. Fuller names Celeste Mastin its next CEO". Minneapolis/St. Paul Business Journal. Retrieved January 17, 2024.
  18. ^ Kennedy, Patrick (November 14, 2015). "H.B. Fuller wins case against Accenture". Star Tribune. Retrieved January 17, 2024.
  19. ^ Alexander, Steve (June 25, 2014). "H.B. Fuller to acquire 95% of Chinese adhesives firm for $230M". Star Tribune. Retrieved January 18, 2024.
  20. ^ Keefer, Winter (January 27, 2022). "H.B. Fuller Company Acquires Apollo, Fourny for $211M". Twin Cities Business. Retrieved March 18, 2024.
  21. ^ Ramstad, Evan; DePass, Dee (September 5, 2017). "H.B. Fuller buys Royal Adhesives for $1.6 billion". Star Tribune. Retrieved January 17, 2024.
  22. ^ Stych, Ed (May 18, 2011). "H.B. Fuller opens first adhesives plant in China". Minneapolis/St. Paul Business Journal. Retrieved March 18, 2024.
  23. ^ Kennedy, Patrick (March 23, 2017). "H.B. Fuller opens R&D facility in India". Star Tribune. Retrieved March 18, 2024.
  24. ^ Kennedy, Patrick (September 26, 2019). "St. Paul's H.B. Fuller to realign business units to respond to customers more quickly". Star Tribune. Retrieved April 16, 2024.
  25. ^ a b Oslund, John J. (July 18, 1992). "H.B. Fuller says it'll curb sales of solvent adhesives; Resistol brand has been abused as inhalant by children in Latin America, elsewhere". Star Tribune.
  26. ^ Benesch, Susan (November 25, 1990). "Many street urchins turn to sniffing glue". Tampa Bay Times. Retrieved January 18, 2024.
  27. ^ a b McEnroe, Paul (April 21, 1996). "Latin America glue abuse haunts H.B. Fuller". Star Tribune.
  28. ^ Johnson, Tim (May 10, 1993). "Glue sniffing enslaves Guatemalan street kids; Activists blame U.S. Manufacturer". Miami Herald.
  29. ^ Silver, Beth (September 24, 1996). "Federal judge dismisses glue sniffing lawsuit against H.B. Fuller". Associated Press. Archived from the original on August 15, 2016. Retrieved January 17, 2024.
  30. ^ Weissert, Will (August 6, 2000). "Glue wipes away the world". The Seattle Times. Associated Press. Retrieved January 17, 2024.
  31. ^ Kennedy, Patrick (March 31, 2023). "H.B. Fuller will lay off 300 workers as it restructures operations". Star Tribune. Retrieved January 17, 2024.
  32. ^ DePass, Dee (August 30, 2021). "H.B. Fuller tacks 11% surcharge on global products as it battles cost hikes". Star Tribune. Retrieved January 17, 2024.
  33. ^ "Annual Report" (pdf). H.B. Fuller. Retrieved April 16, 2024.
  34. ^ "2023 ASI Top 20: Leading Global Manufacturers of Adhesives and Sealants". Adhesives and Sealants Industry. June 30, 2023. Retrieved March 18, 2024.
  35. ^ "H.B. Fuller". Fortune. Retrieved March 17, 2024.
  36. ^ Feder, Barnaby J. (May 4, 1988). "Socially Screened Funds' Favorites". The New York Times. Retrieved January 17, 2024.
  37. ^ DePass, Dee (May 17, 1996). "Local firms honored for social actions". Star Tribune.
  38. ^ "The Breakfast of Corporate Champions" (pdf). Women's Forum of New York. November 8, 2023. p. 6. Retrieved March 15, 2024.
  39. ^ "TCB Talks: Women in Leadership". Twin Cities Business. Retrieved March 15, 2024.
  40. ^ "America's Most responsible Companies 2020". Newsweek. Retrieved March 15, 2024.
  41. ^ "America's Greatest Workplaces for Remote Work 2023". Newsweek. Retrieved March 15, 2024.
  42. ^ "IBD's 100 Best ESG Companies For 2022". Investor's Daily Business. August 31, 2022. Retrieved March 15, 2024.
  43. ^ "America's Best Midsize Employers 2023: The Top 100". Forbes. March 22, 2023. Retrieved March 15, 2024.
  44. ^ "Is your employer on the 2023 list of Minnesota's Top Workplaces?". Star Tribune. June 13, 2023. Retrieved March 15, 2024.
  45. ^ "ASC Announces 2022 Innovation Award Winners". Adhesives & Sealants Industry. April 29, 2022. Retrieved April 17, 2024.
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