Building a Stronger Adhesive Future

H. B. Fuller has responded to criticism from activist investor ANCORA, emphasizing its commitment to shareholder input and its growth plan. The company says it listens carefully to diverse viewpoints, including those from ANCORA, and that its board values this feedback. Its strategy focuses on turning the business into a faster‑growing, higher‑margin specialty adhesive player. Management believes strong day‑to‑day operations and a careful merger and acquisition (M&A) policy will help reach targets of over 20% adjusted EBITDA margins, low‑teens return on invested capital (ROIC), and solid cash flow. H. B. Fuller operates in a market that is highly split up, which lets it buy assets wisely to boost scale and speed up growth. Since early 2023, the firm has completed 13 acquisitions that have added significant adjusted EBITDA and improved margins through synergy gains. For example, in the U. K. , four businesses acquired since 2022 added $30 million of adjusted EBITDA at about 13% margins. After integrating synergies, those businesses grew to more than $60 million in adjusted EBITDA with over 23% margins in three years.While pursuing acquisitions, the company has also worked to reduce debt. Its net debt to adjusted EBITDA ratio fell from 3. 5× last year to 3. 1× this quarter, showing a steady move toward a leaner balance sheet. H. B. Fuller says it will keep exploring ways to create value, staying disciplined in both M&A and debt reduction. A recent disclosure about Advanced Medical Solutions Group (AMS) was made because of UK takeover rules; the firm is talking with AMS but no firm offer is guaranteed. Any deal will be examined with the same care as past transactions. The company looks forward to ongoing conversation with shareholders about its strategy and long‑term growth plans.