H.B. Fuller Company Acquires Engent
Published on Monday, 10 September 2012 18:01 Written by TradersHuddle Staff
New Business Supports Company's Growing Presence in Electronics Adhesives Market
ST. PAUL, Minn., Sept. 10, 2012 /PRNewswire/ -- H.B. Fuller Company (NYSE: FUL) announced today that it has finalized the purchase of Engent, Inc., a provider of manufacturing, research and development services to the electronics industry.
The Engent business adds state-of-the-art development capabilities, testing resources and technical support infrastructure. As a global, adhesives solutions provider in the highly attractive, fast growing and demanding electronics market, H.B. Fuller has now increased its market knowledge and qualification capabilities in a wide range of microelectronic assembly technologies. The company will combine and leverage the adhesive development capabilities, investment resources and global reach of H.B. Fuller with the electronics expertise of Engent.
"With this acquisition, we add advanced application technology, people and process knowledge that will enhance our growing business in electronics," said Jim Owens, president and CEO, H.B. Fuller. "Within this market, there is a diverse range of technologies being produced today and under development for production tomorrow. We plan to participate fully in these opportunities in this dynamic segment by combining and leveraging the adhesive development capabilities, investment resources and global reach of H.B. Fuller with the electronics expertise of Engent. I am confident that the combined team will enable us to achieve our significant growth goals in this important market."
Engent is a leading provider of next generation microelectronics development, testing and manufacturing services. Located in Norcross, GA, Engent was founded in 2003 to provide niche production, development and qualification services for small form factor (SFF) electronics. Engent engages in all stages of the electronic miniaturization process and serves key microelectronic markets in the military, medical and industrial sectors with clients ranging from entrepreneurial technology firms to Fortune 50 companies.
The Engent business generated under $10 million in revenue in 2011 at margins above H.B. Fuller's current levels. The results of this business will be included in the company's North America Adhesives business segment going forward.
About H.B. Fuller Company:
For 125 years, H.B. Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants and other specialty chemical products to improve products and lives. Recognized for unmatched technical support and innovation, H.B. Fuller brings knowledge and expertise to help its customers find precisely the right formulation for the right performance. With fiscal 2011 net revenue of $1.6 billion, H.B. Fuller serves customers in packaging, hygiene, general assembly, paper converting, woodworking, construction, automotive and consumer businesses. For more information, visit us at www.hbfuller.com and subscribe to our blog.
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SOURCE H.B. Fuller Company - IR
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