H.B. Fuller Acquires UK Medical Firm AMS for £715 Million

H.B. Fuller is the world's largest pureplay adhesives company, with 2025 revenue of $3.47 billion and roughly 7,100 employees operating across more than 30 market segments in 150 countries. The company describes itself as straddling three segments—Hygiene, Health and Consumable Adhesives; Engineering Adhesives; and Building Adhesive Solutions—and has spent the past several years restructuring its cost base, divesting lower-margin businesses such as its North American flooring unit, and pursuing bolt-on acquisitions to mix-shift the portfolio toward higher-margin adhesive markets.

The financial trajectory heading into this announcement was one of steady margin recovery against a backdrop of persistent volume pressure. Net revenue declined in each of fiscal years 2024 and 2025 on a reported basis, though adjusted for the flooring divestiture, organic trends were flatter. Full-year 2025 adjusted EBITDA reached $621 million, an improvement of 4.5% year on year, with adjusted EBITDA margins expanding 130 basis points to 17.9%. The most recent quarter ended May 30, 2026 showed net revenue of $950 million, up 5.8% year on year—the first meaningful reported revenue acceleration in several quarters—with adjusted EBITDA of $181 million and a record second-quarter operating cash flow of $121 million.

The company already carried approximately $2 billion in long-term debt, largely accumulated through its earlier acquisition of Royal. As of May 30, 2026, net debt stood at $1.958 billion, equivalent to 3.1x trailing twelve-month adjusted EBITDA of $640 million. Management has stated a long-term leverage target of 2.5x to 3x and a long-term EBITDA margin target above 20%.