Brief: HB Fuller Announces Additional Actions Toward Strategic Objective To Improve Operational Efficiency

H.B. Fuller

20/07/2023 23:17

July 20 (Reuters) - H.B. Fuller Company  FUL.N :
    * H.B. FULLER ANNOUNCES ADDITIONAL ACTIONS TOWARD STRATEGIC
OBJECTIVE TO IMPROVE OPERATIONAL EFFICIENCY
    * HB FULLER CO - BEARDOW ADAMS ACQUISITION CATALYZES
ADDITIONAL
NETWORK OPTIMIZATION OPPORTUNITIES
    * HB FULLER CO - ACTIONS WILL BE INITIATED IN Q3 OF FISCAL
YEAR
2023 AND ARE EXPECTED TO BE COMPLETED IN FISCAL YEAR 2026
    * HB FULLER CO - RESTRUCTURING COSTS OF ABOUT $20 MILLION
(PRE-TAX) WILL BE SPREAD ACROSS NEXT SEVERAL FISCAL QUARTERS AS
THESE MEASURES ARE IMPLEMENTED
    * HB FULLER CO - ONCE COMPLETED, THIS RESTRUCTURING IS
EXPECTED TO
RESULT IN ON-GOING ANNUALIZED COST SAVINGS OF ABOUT $20 MILLION
(PRE-TAX)
    * HB FULLER CO - MAJORITY OF RESTRUCTURING CHARGES AND COST
SAVINGS ARE EXPECTED TO BE RECOGNIZED IN FISCAL YEAR 2024
    * HB FULLER - WAS IMPLEMENTING ADDITIONAL STRATEGIC
RESTRUCTURING
TO EXPEDITE INTEGRATION OF ACQUIRED BUSINESSES, DRIVE OVERALL
OPERATIONAL IMPROVEMENTS
    * HB FULLER-ACTIONS WILL RESULT IN CLOSURE OF THREE
MANUFACTURING
FACILITIES, REDISTRIBUTION OF PRODUCTION ACROSS NETWORK TO
IMPROVE OVERALL EFFICIENCY
    * HB FULLER CO - SEVERAL OPPORTUNITIES WERE IDENTIFIED TO
FURTHER
OPTIMIZE OUR GLOBAL MANUFACTURING AND SUPPLY CHAIN OPERATIONS

Source text for Eikon:  ID:nBw3pTDlma 
Further company coverage:  FUL.N 

 (Reuters.Briefs@thomsonreuters.com)