H B Fuller sells Central American paints business Grupo Mundial

H B Fuller sells Central American paints business to Grupo Mundial

5:24 AM, 9th May 2012
H B Fuller sells Central American paints business to Grupo Mundial
Jim Owens, President and CEO, H B Fuller.

ST PAUL, US: H B Fuller Company has signed an agreement to sell its Central American paints business to Compania Global de Pinturas, a company of Grupo Mundial. The purchase price to be paid for the business is $120 million. In 2011, the business to be sold had revenue of $113.5 million and generated EBITDA of $13.3 million, before allocation of corporate expenses. The Central American paints business will be accounted for as a discontinued operation in H B Fuller’s current 2012 fiscal year.

“This business has a strong market position and excellent leadership. Our strategic vision is to be the best adhesives company in the world and the paints business is not, therefore, core to our strategic plan. Our divestiture enables this excellent business to be part of a company with a strategic position in the paint industry,” said Jim Owens, President and CEO, H B Fuller.

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