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Here are 1-3 brief analogies for H.B. Fuller (FUL):

• 3M for industrial adhesives
• Sherwin-Williams for glues and sealants

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• Industrial Adhesives: These include a wide range of formulations for packaging, hygiene, graphic arts, woodworking, textiles, and other general manufacturing applications.
• Engineering Adhesives: High-performance adhesives and sealants designed for demanding applications in industries such as automotive, electronics, aerospace, and renewable energy.
• Construction Adhesives & Sealants: Products specifically developed for building and construction projects, including flooring, roofing, insulation, and general assembly.
• Specialty Polymers and Coatings: Custom polymer solutions and specialized coatings developed to meet unique performance requirements across various industrial sectors.

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H.B. Fuller (FUL) operates primarily as a Business-to-Business (B2B) company, supplying adhesives, sealants, and other specialty chemical products to manufacturers across a wide range of industries. Due to the nature of its business as a raw material supplier, H.B. Fuller typically does not disclose specific major customer names as their adhesives are components within other companies' finished products. However, their major customers are companies in various industrial sectors that utilize these adhesives in their manufacturing processes. Below are examples of major companies in the key industries H.B. Fuller serves, which would either be direct customers or key players in the value chain whose products rely on H.B. Fuller's offerings:

• International Paper Company (Symbol: IP): A global producer of renewable fiber-based packaging, pulp, and paper products. H.B. Fuller's packaging adhesives are critical for companies like International Paper in manufacturing corrugated boxes, flexible packaging, and labels.
• Kimberly-Clark Corporation (Symbol: KMB): A multinational personal care corporation that produces hygiene products such as disposable diapers, feminine hygiene products, and wipes. H.B. Fuller supplies nonwoven and hygiene adhesives essential for these products.
• Magna International Inc. (Symbol: MGA): One of the largest automotive suppliers in the world, manufacturing a wide array of automotive components. H.B. Fuller's engineering adhesives are used in various automotive applications, from interior components to structural bonding.
• Owens Corning (Symbol: OC): A global leader in insulation, roofing, and fiberglass composites. H.B. Fuller's construction and durable assembly adhesives are utilized in the manufacturing of building materials and components.

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Celeste B. Mastin, President and Chief Executive Officer

Celeste B. Mastin was appointed President and Chief Executive Officer of H.B. Fuller in December 2022, having previously served as Executive Vice President and Chief Operating Officer from March to December 2022. Before joining H.B. Fuller, she held CEO positions at PetroChoice Lubrication Solutions (2018-2022), Distribution International, Inc. (2013-2017), and MMI Products, Inc. (2007-2011). PetroChoice Lubrication Solutions was acquired in 2022 during her tenure as CEO. Distribution International, Inc. was acquired by a private equity firm, Advent International, in 2017, and PetroChoice Lubrication Solutions was a portfolio company of AEA Investors, a private equity firm, indicating a pattern of managing companies backed by private equity firms. Her career also includes executive leadership roles at Ferro Corporation and Bostik Adhesives, and she began at Shell Chemical Co. in 1990.

John J. Corkrean, Executive Vice President and Chief Financial Officer

John J. Corkrean has served as Executive Vice President and Chief Financial Officer of H.B. Fuller since 2016. Prior to H.B. Fuller, Mr. Corkrean spent 17 years at Ecolab Inc., where he held various finance leadership roles, including Senior Vice President, Finance – Global Energy Services, and Senior Vice President and Corporate Controller. He also held positions at Kellogg Company as Manager, Corporate Treasury, and in finance roles at Amoco Corporation.

Gregory Ogunsanya, Senior Vice President, General Counsel, and Corporate Secretary

Gregory Ogunsanya joined H.B. Fuller in October 2023 as Senior Vice President, General Counsel, and Corporate Secretary. His experience includes dual legal leadership roles as Vice President of Legal for Stanley Industrial and Assistant General Counsel, Securities, and Governance at Stanley Black & Decker Inc. He also held various leadership positions at Honeywell Inc., including General Counsel. Earlier in his career, he was a Senior Associate at Skadden, Arps, Slate, Meagher & Flom, specializing in mergers and acquisitions, securities, and general corporate law.

Nathan Weaver, Executive Vice President, Business Transformation

Nathan Weaver was appointed Executive Vice President, Business Transformation, in late 2024. He previously served as Senior Vice President of Human Resources and Communications from 2020 to 2024. Mr. Weaver has held numerous roles of increasing responsibility within H.B. Fuller, primarily on the commercial side of the organization, since joining the company in 2001 as a Leadership Development Associate.

Laura Lorenz, Senior Vice President, Human Resources, Communications & Community Affairs

Laura Lorenz joined H.B. Fuller in January 2025 as Senior Vice President of Human Resources, Communications & Community Affairs. She brings over 25 years of experience in human resources, including more than 22 years at 3M Company. At 3M, she held various senior leadership roles across different geographies, focusing on areas such as talent management, organizational effectiveness, employee relations, talent acquisition, and business unit support.

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The key risks to H.B. Fuller (FUL) primarily revolve around its operational costs, competitive environment, and global market exposure.

1. Raw Material Cost Volatility and Availability: H.B. Fuller is significantly exposed to fluctuations in the cost and availability of raw materials. These materials, largely petroleum and natural gas derivatives, constituted approximately 75% of the company's cost of sales in 2024. Price volatility and supply chain disruptions for these feedstocks can directly erode profit margins and negatively impact operating results. The company has had to implement surcharges and price increases to counteract these rising costs.
2. Intense Competition: The adhesives and specialty chemicals industry in which H.B. Fuller operates is highly competitive. The company faces numerous competitors, including large multinational corporations and smaller specialized players. Key competitive factors include product performance, customer service, technical support, quality, and pricing. This intense competitive landscape can lead to pricing pressures, potential loss of market share, and ultimately, reduced profitability if the company cannot continuously innovate and differentiate its products.
3. Currency Fluctuation Risks and International Operations: Given H.B. Fuller's significant global presence and international operations, it is susceptible to risks arising from currency exchange rate fluctuations. Negative currency effects, particularly from weaker foreign currencies, have impacted the company's net revenue and gross profit margins. Additionally, managing diverse international operations presents inherent challenges.

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The accelerating global shift towards a circular economy presents a clear emerging threat. Driven by increasing regulatory pressure (e.g., EU Circular Economy Action Plan, national recycling targets), consumer demand for sustainable products, and corporate sustainability commitments, industries are increasingly adopting principles like Design for Disassembly (DfD), reuse, repair, and recycling.

This trend threatens traditional permanent adhesives by:

• Favoring Mechanical Fasteners: For ease of disassembly, repair, and material recovery, product designs are increasingly prioritizing mechanical fasteners (screws, clips, snaps) or welding over permanent chemical bonds, which often make product breakdown difficult or destructive.
• Demanding Reversible Adhesives: While H.B. Fuller invests in sustainable adhesive solutions, the ultimate circular economy goal often requires adhesives that can be easily activated and deactivated (debonded) on demand without damaging components. If this highly specialized segment grows rapidly, and competitors or alternative technologies (e.g., smart materials with inherent reversible bonding properties) gain significant traction, it could erode market share for conventional adhesives.
• Material and Process Innovation: The drive for circularity also fosters innovation in materials and manufacturing processes that might reduce the need for adhesives entirely, such as integrated bonding features within components or advanced self-adhering polymers.

This is analogous to how Netflix's streaming model disrupted Blockbuster's physical rental business, as a fundamental shift in product lifecycle design could diminish the need for H.B. Fuller's core offerings in permanent bonding solutions, even as the company adapts with sustainable adhesive alternatives.

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H.B. Fuller (NYSE: FUL) operates in the global adhesives and sealants market, with its main products and services encompassing a wide range of adhesive technologies and specialty chemical products. These products serve diverse industries, including packaging, hygiene, construction, engineering, electronics, automotive, and general assembly.

The addressable markets for H.B. Fuller's main products and services are as follows:

• Global Adhesives and Sealants Market: The global adhesives and sealants market reached an estimated size between USD 69.4 billion and USD 82.88 billion in 2024. This market is projected to grow to approximately USD 101.2 billion by 2033, USD 123.20 billion by 2033, USD 11.77 billion by 2034, or USD 118.83 billion by 2032. The Asia Pacific region currently holds the largest share of this market. The U.S. adhesives and sealants market alone is projected to reach an estimated value of USD 22.36 billion by 2032.
• Global Packaging Adhesives Market: This segment was valued at approximately USD 13.7 billion to USD 16.3 billion in 2024 and is expected to reach between USD 20.3 billion by 2033 and USD 26.54 billion by 2035. The Asia-Pacific region dominates the packaging adhesives market.
• Global Construction Adhesives Market: The global construction adhesives market was estimated to be between USD 10.98 billion and USD 11.78 billion in 2024. It is forecast to grow to approximately USD 17.57 billion by 2032 or USD 17.68 billion by 2034. The Asia-Pacific region accounts for the largest market share in construction adhesives.
• Global Hygiene Adhesives Market: This market was projected to be approximately USD 7.6 billion in 2024 and is anticipated to increase to USD 12.1 billion by 2035. The Asia Pacific region is a significant and growing market for hygiene adhesives.
• Global Industrial Adhesives Market: The global industrial adhesives market size is estimated to be between USD 55.2 billion and USD 85.38 billion in 2025. It is projected to reach between USD 80.9 billion by 2032 and USD 114.94 billion by 2030. Asia-Pacific is a significant growth region for industrial adhesives.

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1. Strategic Acquisitions and Portfolio Transformation: The company is actively pursuing strategic acquisitions, particularly in high-growth areas such as the Medical Adhesive Technology market, and realigning its business segments to enhance its growth profile. Additionally, while a recent divestiture of its flooring business impacted reported revenue, adjusting for this move indicates underlying net revenue growth.
2. Organic Volume Growth and Market Share Gains: Despite navigating a challenging volume growth environment, H.B. Fuller aims for organic revenue growth, with expectations for it to be flat to up 2% in fiscal year 2025. The company has demonstrated positive organic volume growth in specific segments, including Construction Adhesives (notably in roofing) and Hygiene, Health and Consumable (HHC) Adhesives. H.B. Fuller is also focused on gaining market share in attractive specialized adhesives markets and flexible packaging.
3. Strategic Pricing Actions: H.B. Fuller is implementing pricing actions to offset raw material cost fluctuations and improve profitability. Price increase realizations that were delayed in fiscal 2024 are anticipated to contribute to revenue in fiscal 2025.
4. Operational Efficiencies and Cost Reduction: The company is finalizing plans to streamline its manufacturing footprint and supply chain, aiming for significant cost savings by 2030. These operational improvements and cost controls are intended to transform H.B. Fuller into a higher-growth, higher-margin entity, indirectly supporting revenue growth by freeing up resources for investment in growth initiatives.
5. Growth in Key End Markets: Strong performance in specific end markets is expected to contribute to revenue. The Engineering Adhesives segment, driven by robust demand in the automotive and electronics sectors, has been a strong performer. Furthermore, the Construction Adhesives segment, particularly in roofing, is showing strength and is projected to benefit from a declining interest rate environment. H.B. Fuller also maintains a strong market position in medical adhesives.

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Share Repurchases

• H.B. Fuller repurchased approximately one million shares year-to-date in fiscal 2025.
• A $300 million share buyback authorization was announced in 2023 and remains active.
• Annual share buybacks amounted to $39.558 million in 2024.

Share Issuance

• No significant dollar amounts of primary share issuances were readily available over the last 3-5 years.

Outbound Investments

• In June 2023, H.B. Fuller completed two strategic acquisitions: Adhezion Biomedical (a U.S. medical adhesives business) and XCHEM International (an adhesives manufacturer in the United Arab Emirates).
• These 2023 acquisitions are projected to contribute an estimated $60 million in revenue and $15 million in adjusted EBITDA in fiscal 2025, including synergies.
• The company has completed 11 acquisitions since 2023 and over 15 targeted acquisitions in the last five years, aiming to expand in highly specified applications such as medical adhesives.

Capital Expenditures

• Capital expenditures are expected to be approximately $140 million for fiscal year 2025.
• A primary focus of capital expenditures is "Project ONE," an ongoing initiative to replace and enhance core information technology platforms, with total project-to-date capital expenditures of approximately $140 million.
• Project ONE aims to harmonize business processes across all operating segments with a standard software configuration, with implementation continuing in North America, EIMEA, Brazil, and Asia Pacific in 2025 and beyond.