FUL - H.B. Fuller to shutter three manufacturing facilities
2023-07-20 17:38:51 ET
Adhesive maker H.B. Fuller ( NYSE: FUL ) said on Thursday that it had decided to close three manufacturing facilities as part of a strategic restructuring.
The company said its recent acquisition of UK-based adhesive manufacturer Beardow Adams had prompted the restructuring actions.
H.B. Fuller expects the restructuring actions to result in on-going annualized cost savings of about $20 million. The company expects most of the restructuring costs and savings to be recognized in fiscal 2024.
"These actions will be initiated in the third quarter of fiscal year 2023 and are expected to be completed in fiscal year 2026," the company said in a statement .
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H.B. Fuller to shutter three manufacturing facilities