American specialty chemicals manufacturer HB. Fuller announced on Thursday that as part of its integration with Forbo's industrial adhesives business, it plans to shut down another five manufacturing plants and lay off about 100 people. In December last year, Fuller agreed to acquire Forbo's business for $395 million in cash to expand its presence in the European market.
Fuller announced last month that it will shut down six production plants in North America and lay off about 130 people. The company said on Thursday that it plans to close five factories in Britain, Germany, Spain, Italy and Austria within the next two years. The company also said it plans to invest approximately US$90 million in Europe, India, the Middle East, Africa, and the Asia Pacific region in the next three years in order to increase profitability. The company expects its EBITDA margin to rise to 15% by 2015.
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