Adhesives provider HB Fuller has finalized the previously announced acquisition of Brazil-based chemical polyurethane specialties and polyester resins provider Plexbond Química for an undisclosed sum.
HB Fuller president and CEO Jim Owens said the acquisition will solidify the company's position in the South American adhesives industry, especially in the fast growing and demanding flexible packaging market.
"H.B. Fuller has a strategic focus on packaging, hygiene and durable assembly, and the Plexbond Química business will bring us strong customer relationships and manufacturing capabilities that we can leverage globally in the important packaging industry," Owens said.
In the year 2012, the acquired business generated nearly $20m in revenue. Going forward, its results will be included in the company's Latin America Adhesives operating segment.
Originally announced in May 2013, the deal will allow HB Fuller to bolster its ability to deliver specialty adhesives solutions such as laminating adhesives to customers in Brazil and across South America.
The Plexbond Quimica business collaborates with customers to develop new adhesives solutions, which will enable HB Fuller to leverage the value of the company's existing technologies.
HB Fuller, which reported fiscal 2012 net revenue of $1.9bn, focuses on adhesives, sealants and other specialty chemical products.
