US-based adhesives maker H.B. Fuller has sold its flooring business to Pacific Avenue Capital Partners for approximately $80 million. The company also announced plans to acquire two European medical adhesive companies, Medifill Ltd. and GEM S.r.l.
The sale of the flooring unit, which closed on Monday, is part of a larger reorganization plan at H.B. Fuller. The company will move its glass, woodworking, and composite segments under a new “building adhesives solutions” unit.
The acquisition of Medifill Ltd. and GEM S.r.l. is expected to generate approximately 23 million euros in revenue this year, or about $24.3 million. H.B. Fuller leaders believe the acquisition will extend the company’s penetration into a global footprint.
“We believe Pacific Avenue Capital Partners is the right home for our talented Flooring team and brand-recognized product,” said Celeste Mastin, President and CEO of H.B. Fuller.
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