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Markets :: Specialty Chemicals :: Adhesives and sealants

H.B. Fuller to Exit Automotive JV

1:15 PM MDT | October 11, 2007 | CW Editorial Staff

H.B. Fuller says it has agreed to sell its stake in an automotive joint venture to EMS Chemie Holding (EMS; Männedorf, Switzerland), the principal partner of the jv, for $80 million. Fuller says it expects the deal to close by the end of the fourth quarter, following customary closing conditions and regulatory approvals. The deal will be immediately accretive to return on gross investment, and generate a one-time positive impact to pre-tax income of $10 million-$13 million, including the expected gain on the sale, partially offset by certain...

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