H.B. Fuller to acquire Tonsan Adhesive
H.B. Fuller Company has signed an agreement to purchase Tonsan Adhesive.
With annual sales of about $100 million, Tonsan is the largest independent engineering adhesives provider in China.
Tonsan develops, manufactures and sells a comprehensive range of engineering adhesive products for durable assembly markets such as transportation (automotive, rail and shipbuilding), machinery, photovoltaic, electronics and electrical appliances.
H.B. Fuller will acquire 95 percent of the equity of Tonsan for cash consideration of Rmb 1.4 billion, or about $230 million. The four founding shareholders of Tonsan will remain with the company as a part of the leadership team and retain a minority equity interest.
"With this acquisition, we enter the fast-growing and profitable engineering adhesives market and strengthen our business in China," said H.B. Fuller president and chief executive officer Jim Owens. "Together with Tonsan's management, we will grow in China and expand this business around the globe in ways that were not possible when Tonsan was an independent Chinese company. This acquisition will launch H.B. Fuller into some of the most exciting and profitable segments of the adhesives industry."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
