H.B. Fuller Establishes Local Presence in Turkey
Company continues to invest in high-growth geographies
ST. PAUL, Minn. - H.B. Fuller Company (NYSE: FUL) announced today that it has strengthened its foothold in Turkey by signing a definitive agreement to enter into a joint venture with Burak Özberk, its longstanding agent there. A new entity will be created, with H.B. Fuller owning majority control.
“This agreement is a continuation of our commitment to invest in geographies that offer strong growth potential,” said Jim Owens, H.B. Fuller president and chief executive officer. “Our collaboration with Mr. Özberk and his team over a period of nearly 10 years has created a solid market position in Turkey, and through this joint venture H.B. Fuller will further enhance customer support and deepen relationships in that region. This fits with our overall strategy to build on our success around the globe, and expand our footprint in key market segments through strategic investments.”
Through this new local entity H.B. Fuller will better support customers and further solidify its presence in this important and emerging market. The new company will provide a base for developing an even stronger local commercial team, local logistics support and the potential for local manufacturing in the future.
The results of the newly created entity will be reported in the company’s Europe, India, Middle East and Africa (EIMEA) segment. H.B. Fuller expects the new entity to be fully operational within the next six months.
About H.B. Fuller Company:
For more than 120 years, H.B. Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants, paints and other specialty chemical products to improve products and lives. Recognized for unmatched technical support and innovation, H.B. Fuller brings knowledge and strength to help its customers find precisely the right formulation for the right performance. With fiscal 2009 net revenue of $1.235 billion, H.B. Fuller serves customers in packaging, hygiene, paper converting, general assembly, woodworking, construction, and consumer businesses. For more information, visit
hbfuller.com, hbfullerstrength.com, read our blog or follow GlueTalk on Twitter.
Safe Harbor for Forward-Looking Statements:
Certain statements in this document may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties, including but not limited to the following: the Company's ability to effectively integrate and operate acquired businesses; political and economic conditions; product demand; competitive products and pricing; costs of and savings from restructuring initiatives; geographic and product mix; availability and price of raw materials; the Company's relationships with its major customers and suppliers; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and environmental matters; the effect of new accounting pronouncements and accounting charges and credits; and similar matters. Further information about the various risks and uncertainties can be found in the Company's SEC 10-Q filings of September 30, 2010, June 30, 2010, and March 31, 2010 and 10-K filing, as amended, for the fiscal year ended November 28, 2009. All forward-looking information represents management's best judgment as of this date based on information currently available that in the future may prove to have been inaccurate. Additionally, the variety of products sold by the Company and the regions where the Company does business make it difficult to determine with certainty the increases or decreases in net revenue resulting from changes in the volume of products sold, currency impact, changes in product mix, and selling prices. However, management's best estimates of these changes as well as changes in other factors have been included.
H.B. Fuller Company
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