COMPANY PROFILE / ADHESIVES & ENCAPSULANTS
H.B. Fuller
A world-scale adhesives pure play, with electronics and encapsulation as one part of its industrial adhesives business
H.B. Fuller is a U.S. adhesives company founded in 1887, and it calls itself the world's largest pure-play adhesives company. Its sales in fiscal 2025 were US$3,473.6 million. But 45% of that comes from hygiene products such as diapers and from packaging, and 25% from construction. The electronic-materials business that is the subject of this series sits inside Engineering Adhesives, about 30% of sales, as one of several markets. This article therefore concentrates on where electronics and encapsulation sit within the company, what could be confirmed, and what could not.
- At a glance: H.B. Fuller and its place in adhesives and encapsulants
- Logo and naming
- Where the company sits in adhesives and encapsulants
- Company scale
- Resources committed to adhesives and encapsulants
- Track record
- Plans
- What the company is aiming for in adhesives and encapsulants
- Partnership map for adhesives and encapsulants
- Technologies, products and services
- Risks
- Glossary
- References
- Claim-to-source audit
1. At a glance: H.B. Fuller and its place in adhesives and encapsulants
United StatesHeadquarters and central research facilities are company-owned (10-K)
chemicals (primary)Electronics and encapsulation are one part of the business; not a semiconductor or electronic-materials specialist
US$1,061.8 million30% of group sales. Electronics sales alone are not disclosed
(22.2% margin)Company-defined non-GAAP measure. 19.9% in fiscal 2024
H.B. Fuller is an "adhesives company", but it is less an electronic-materials supplier embedded in semiconductor makers' processes than a general adhesives maker that sells to everything from diapers and packaging to cars, building products and appliances Sourced. Electronics and encapsulation are one of the uses the company lists on its own website (circuit-board protection, underfill, heat-dissipating materials, EV batteries and so on), and how much of its sales they represent is not disclosed Not yet confirmed. Whether the company makes epoxy molding compound (EMC) or anisotropic conductive film (ACF) for semiconductor packages could not be confirmed from the official materials reviewed. This article reads H.B. Fuller as "a general adhesives maker that also has products in the neighbouring areas of electronics and encapsulation".
2. Logo and naming
The H.B. Fuller logo is the company's trademark. This article does not reproduce it with generated images; it uses the
logo file taken from the company's official website, stored as img/hb_fuller_logo.svg.
A note on names: the legal entity is H.B. Fuller Company, and "H.B." stands for the founder, Harvey Benjamin Fuller (company history page). Its Japanese joint venture is Sekisui-Fuller Company, Ltd., in which the company holds 50%; it is not a consolidated subsidiary and is accounted for under the equity method. The company also owns many brands, including TONSAN and Thermonex (some of its trademarks are listed in the 10-K). Brands are treated here as "the company's product lines", and this article does not rank individual products.
Official site: https://www.hbfuller.com/3. Where the company sits in adhesives and encapsulants
H.B. Fuller's primary type is general adhesives and chemicals. It has moved into some electronics and UV-curing uses as a secondary activity, but it is neither a semiconductor and electronic-materials maker nor a UV-curing and specialty-applications maker as its main identity. The table below sorts out which materials and uses are central, as far as the company's own documents allow.
| Material or use | Where it sits at H.B. Fuller | Primary source found | Basis |
|---|---|---|---|
| Hot melts, packaging and hygiene | Central. Hygiene, Health and Consumable Adhesives (45% of sales) | 10-K business description (thermoplastic, thermoset, reactive, water-based and solvent-based) | Sourced |
| Structural and industrial adhesives | Central. Engineering Adhesives (30%): reactive, light-cure, two-part liquid, polyurethane, silicone, film and fast-cure products | 10-K | Sourced |
| Sealants, construction and roofing | Central. Building Adhesive Solutions (25%): pressure-sensitive adhesives, tapes and sealants for roofing, plus insulation and HVAC uses | 10-K | Sourced |
| Circuit-board protection and encapsulation | Part. Conformal coating, potting and encapsulation, cured by heat, UV, UV plus heat, UV plus moisture or moisture (RTV) | Company website, application page | Sourced |
| Underfill and edge bond | Part. Capillary underfill for BGA, WLCSP and flip-chip, and edge bond as an alternative to full underfill | Company website, PCB assembly page | Sourced |
| Die attach, surface-mount and thermally conductive adhesives | Part. Listed on the same page as adhesives for board assembly | Company website, PCB assembly page | Sourced |
| Solar-cell encapsulants | Part. Acquired STR Holdings in 2021 (Engineering Adhesives); set up a technology centre for solar silicone sealants in 2009 | Fiscal 2021 10-K; technology centres page | Sourced |
| EV batteries (bonding, sealing, TIM) | Part. The EV Bond, EV Seal, EV Protect and EV Therm product families | Company website; 2025 Sustainability Report | Sourced |
| Semiconductor encapsulants (EMC), ACF, conductive pastes | Not confirmed in the company's materials | - | Not yet confirmed |
4. Company scale
The scale of the whole company is shown in one table. The fiscal year is the one that ended on 29 November 2025 (fiscal 2025) Sourced. Amounts are in U.S. dollars.
| Measure (US$ million) | Fiscal 2024 | Fiscal 2025 |
|---|---|---|
| Net revenue | 3,568.7 | 3,473.6 |
| Gross profit margin | 29.8% | 31.1% |
| Net income attributable to H.B. Fuller | 130.3 | 152.0 |
| Adjusted EBITDA (company-defined non-GAAP measure) | 593.9 | 620.7 |
| Research and development expense (included in SG&A) | 49.6 | 62.2 |
| Capital expenditure (purchases of property, plant and equipment) | 139.2 | 142.3 |
| Cash flow from operating activities | 302.4 | 263.5 |
Fiscal 2024 revenue includes the North America Flooring business ($156.7 million), which was sold on 2 December 2024. Revenue fell 2.7% in fiscal 2025, mainly because of acquisitions and divestitures (-2.1%).
The business segments that cover adhesives, encapsulants and electronic materials are as follows. At the start of fiscal 2025 the company combined its insulating glass, woodworking and composites businesses with its construction businesses to form Building Adhesive Solutions, and sold North America Flooring, so the prior-year figures have been recast Sourced.
| Operating segment | Main uses (as described in the 10-K) | Fiscal 2025 revenue | Fiscal 2025 adjusted EBITDA (margin) | Fiscal 2024 revenue | Fiscal 2024 adjusted EBITDA (margin) |
|---|---|---|---|---|---|
| Hygiene, Health and Consumable Adhesives | Packaging, paper converting, nonwovens and hygiene, medical and beauty | 1,551.8 (45%) | 244.4 (15.7%) | 1,546.5 | 245.8 (15.9%) |
| Engineering Adhesives | Transportation, electronics, clean energy, aerospace and defence, textiles, appliances, heavy machinery | 1,061.8 (30%) | 236.0 (22.2%) | 1,009.0 | 200.5 (19.9%) |
| Building Adhesive Solutions | Roofing, infrastructure, roads, telecom and 5G utilities, LNG plants, building envelope, HVAC insulation, woodworking, insulating glass | 860.0 (25%) | 134.0 (15.6%) | 856.5 | 133.2 (15.6%) |
In the first nine months of fiscal 2026 (to 29 August 2026), group revenue was US$2,659.3 million (US$2,578.8 million a year earlier). Engineering Adhesives was US$804.4 million (US$785.5 million a year earlier, up 2.4%), and that segment's adjusted EBITDA was 178.2 (170.9 a year earlier) Sourced.
| Item | Detail (as of 29 November 2025) |
|---|---|
| Employees | About 7,100 in 44 countries (about 2,500 in the United States) |
| Plants | 33 plants in the United States and 44 plants in 24 other countries (77 in total; our calculation) |
| Sales | Sales operations in 34 countries. About 56% of revenue (about US$2.0 billion) came from outside the United States |
| Raw materials | About 75% of cost of sales is raw materials, mainly tackifying resins, polymers, synthetic rubbers, vinyl acetate monomer and plasticizers, most of them petroleum- or natural-gas-based |
The figures above are for the whole company or a whole operating segment. Sales, profit, R&D spending and capital expenditure for electronics and encapsulation alone are not disclosed Not yet confirmed, and this article does not estimate them. One more point: the 10-K's MD&A says that insulating glass and woodworking now sit in Building Adhesive Solutions, yet the business description in Note 1 to the financial statements still lists woodworking and insulating glass under Engineering Adhesives. This article follows the MD&A (the post-reorganisation segments) and flags the mismatch as one in the 10-K itself. R&D spending is about 1.8% of revenue for the whole company (62.2 / 3,473.6) Our calculation.
5. Resources committed to adhesives and encapsulants
Investment and headcount for electronics and encapsulation alone are not disclosed. The table covers four points (people, money, outside investments and deals, universities and public funding) and shows what could and could not be confirmed.
| Item | What could be confirmed | Basis |
|---|---|---|
| People (R&D sites and headcount) | 35 technology centres worldwide (2025 Sustainability Report), working side by side with customers in high-growth markets such as mobility, electronics, medical and insulating glass. More than 50% of SKUs are tailored to individual customers (company statement). The TONSAN R&D centre in Beijing has more than 70 chemists, engineers and other specialists (company technology centres page). Total R&D headcount and the number of people on electronics and encapsulation are not disclosed | Sourced / Not disclosed |
| Money (R&D and capital expenditure) | R&D expense in fiscal 2025 was US$62.2 million, capital expenditure US$142.3 million, and cash paid for acquisitions US$167.0 million (net of cash acquired). The ERP programme (Project ONE) has cost about US$265 million to date (total estimated at US$300 to 320 million). The restructuring plans begun in 2023 were expected to cost US$80.0 to 85.0 million, of which 79.2 had been incurred, and were completed on 29 November 2025. No breakdown for electronics and encapsulation is disclosed | Sourced / Not disclosed |
| Outside investments, acquisitions, joint ventures, divestitures | Joint venture Sekisui-Fuller in Japan (50%). Acquisitions: STR Holdings (solar encapsulants, 2021); ND Industries (May 2024, US$254.0 million) and its Taiwan, Turkey and China (Dongguan Nako, August 2026) businesses; GEM and Medifill (2025). Agreed: Advanced Medical Solutions (June 2026). Divested: North America Flooring (December 2024). Investment in start-ups is not mentioned in the 10-K | Sourced / Not confirmed (start-up investment) |
| Universities, research institutes, public funding | The 10-K says only, in general terms, that the company uses relationships with academic and other institutions; no named research partner could be confirmed. The technology centres page says the Sustainability Lab can also serve as a place to cooperate with outside groups such as the Association of Plastics Recyclers. On public funding, the only entry is a government grant of US$5.8 million received in fiscal 2021 in connection with building a plant in China; no public funding for adhesives or encapsulant R&D (such as NEDO or EU projects) could be confirmed | Not confirmed |
The 10-K describes R&D this way: platform developments are coordinated through a global network of laboratories, while projects are developed in local laboratories in each region Sourced. In other words, the company does not run a dedicated electronics-and-encapsulation site; regional laboratories and technology centres adapt to each customer's use.
6. Track record
| When | Event | Why it matters |
|---|---|---|
| 1887 | Founded. According to the company's history page, it launched a liquid fish glue that year | A long history in adhesives alone |
| 2005 | Created Sekisui-Fuller, a 50-50 joint venture with Sekisui Chemical in Japan | A foothold in the Japanese market. Accounted for under the equity method |
| 2009 | Built a technical centre in Suzhou, China, to serve the photovoltaic silicone sealant market | One of its early moves into electronics and clean energy |
| 2015 | Acquired TONSAN Adhesive in China | The unit the company describes as working with customers on engineering adhesives. R&D centre in Beijing |
| 2017 | Acquired Royal Adhesives & Sealants | An expansion of its adhesives and sealants business (only the name and year were confirmed from the history page; the business was not described) |
| January 2021 | Acquired the assets of STR Holdings (about US$5.4 million), a Connecticut maker of encapsulant products for the solar industry. Reported in Engineering Adhesives | An example of taking an "encapsulant" business in through an acquisition |
| 2023 | Approved restructuring plans, with expected costs of US$80.0 to 85.0 million | Integration and streamlining of acquired businesses. Completed in November 2025 |
| May 2024 | Acquired the assets of ND Industries (base price US$254.0 million), which supplies specialty adhesives and fastener locking and sealing solutions to automotive, electronics, aerospace and other customers | Among the largest acquisitions in Engineering Adhesives |
| August 2024 | Acquired HS Butyl in the UK (about £18.3 million), a butyl tape maker | Waterproof sealing for construction, infrastructure, automotive and renewable energy |
| December 2024 to January 2025 | Acquired Medifill (2 December 2024) and GEM (15 January 2025) for about €191.9 million in total. Medical adhesives for wound closure | Expansion into medical as a growth market |
| December 2024 | Sold the North America Flooring business (fair value US$74.3 million) | Portfolio tidying. Not an electronics or encapsulation business |
| February and November 2025 | Acquired ND Industries' Taiwan business (about US$8.3 million) and Turkey business (about US$7.9 million) | Expansion in Asia and in Europe, the Middle East and Africa |
| Fiscal 2025 | Reorganised the operating segments and created Building Adhesive Solutions | The scope of Engineering Adhesives, which includes electronics and encapsulation, changed |
| June 2026 | Agreed to acquire Advanced Medical Solutions Group (AMS) in the UK | A large acquisition in medical adhesives. See the next section |
| August 2026 | Acquired the assets of Dongguan Nako in China (about US$10.4 million), which provides automated fastener pre-coating (anti-loosening, leak-proofing, vibration absorption) | Extends the ND Industries-type fastening and sealing coating business into China |
7. Plans
within 2026AMS shareholders approved on 12 August 2026. Subject to regulatory approvals and other conditions
margin above 20%Also 5% annual constant-currency revenue growth (company targets)
US$655 to 670 millionCompany guidance as of the 23 September 2026 results release
Scope 2 down 35%Absolute reductions against a 2024 base year. Company targets
The AMS offer is 285 pence per share in cash, an enterprise value of about £715 million, and about £659 million for the issued share capital. H.B. Fuller says the deal should add about US$300 million of annual revenue and, by 2031, about US$55 million (about £41 million) of run-rate synergies Not yet confirmed. AMS is a UK company that makes surgical tissue adhesives, tapes and dressings, and formulated biosurgicals. After the deal, the company plans to report medical as a new segment (about 10% of combined revenue and EBITDA).
No plan specific to electronics and encapsulation was found. At group level, the company discloses that it will continue its ERP rollout (Project ONE) in Brazil and Asia Pacific in 2026 and beyond, and that it is carrying out its Quantum Leap supply-chain restructuring Sourced. Its 2030 environmental targets (20% less water demand, 20% lower manufacturing-waste intensity, 75% more waste recycled, and data from 70% of top suppliers) are all company targets, distinct from results achieved Not yet confirmed.
None of the following appears in the primary sources Not yet confirmed.
Dedicated capital expenditure for electronics and encapsulation / new-product plans for semiconductor packaging (EMC, ACF) / a sales target for electronic materials / new partnerships or acquisitions planned in electronics and encapsulation. The PCB assembly and circuit-board protection pages on the company's website also carry no numerical targets or investment plans.
8. What the company is aiming for in adhesives and encapsulants
This section includes points the company does not state directly. They are given as inferences drawn from the primary sources, together with the evidence.
| What can be read | Primary-source evidence | Basis |
|---|---|---|
| Medical is positioned as a core growth market | In the AMS announcement the CEO calls medical a core strategic growth market, and the company bought GEM and Medifill in 2025. AMS is planned to become a new segment of about 10% of revenue | Sourced |
| Electronics and encapsulation are not at the front of the growth strategy | The acquisition announcement and the results release name medical. There is no electronics-specific target, investment or acquisition | Inference |
| Electronics and encapsulation are an area served from within the existing industrial-adhesives customer base | Electronics appears only as one of the markets Engineering Adhesives serves. The electronics web pages are general and give no product-level figures | Inference |
| Engineering Adhesives is adding higher-margin niches through acquisitions | Since 2024 it has bought ND Industries and three related businesses. The segment's adjusted EBITDA margin rose from 19.9% to 22.2%. The company says it allocates capital to the highest-margin, highest-growth market segments | Inference |
| The group goal is a higher margin | The long-term target is an adjusted EBITDA margin above 20% (19.9% in the third quarter of fiscal 2026, which the company calls a record) | Sourced |
The basis for reading electronics and encapsulation as "not at the front of the growth strategy" is that they do not appear where the company itself speaks at length. The June 2026 announcement of the AMS deal covered medical as a core growth market, the added revenue, the synergies and a new segment. The September 2026 third-quarter release also centres on pricing, restructuring savings and closing AMS Sourced. In the 10-K and on the website, by contrast, electronics is simply listed as one of the markets Engineering Adhesives serves. This does not mean the company is neglecting electronics and encapsulation. Because sales are not disclosed, their importance cannot be gauged from outside, which is the accurate statement Not yet confirmed.
9. Partnership map for adhesives and encapsulants
H.B. Fuller tends to widen its reach through equity stakes and acquisitions rather than joint development or contract manufacturing. The 10-K says that no single customer accounted for more than 10% of consolidated net revenue, so the business does not rest on any one customer. On the other hand, no case of joint development with a specific customer or research institution in electronics and encapsulation could be confirmed from the primary sources Not yet confirmed.
10. Technologies, products and services
The technical data sheets that give product-level figures (viscosity, glass transition temperature, thermal expansion, cure conditions) could not be confirmed this time, because the company's product pages restrict automated access Not yet confirmed. What follows is the description of features on the company's application pages (these are the manufacturer's stated claims, not specified in a standard, and no test conditions are given).
| Area | What the company's pages say |
|---|---|
| Circuit-board protection and encapsulation | Conformal coating, encapsulation and potting. Cure by heat, UV, UV plus heat, UV plus moisture, or RTV (moisture cure). One- or two-part systems. Features cited: low shrinkage, high Tg, low CTE and low profile height |
| PCB assembly | Urethane, acrylic, epoxy and silicone chemistries. Conformal coatings, adhesives (die attach, surface mount, thermal conductivity), potting and encapsulants. Underfill (capillary underfill for BGA, WLCSP and flip-chip) and edge bond. Reliability is described in terms of drop, shock, autoclave and temperature cycling |
| Electronics markets | Structural bonding and component attachment, sealing and environmental protection, electrical insulation and circuit protection, heat dissipation, vibration damping and shock resistance. Automotive electronics, consumer electronics (smartphones, displays, wearables), medical electronics, avionics and smart appliances |
| EV batteries | Adhesives, flame-retardant foams, thermal interface materials (TIM) and coatings. The EV Bond (strength), EV Seal (moisture ingress), EV Protect (flame-resistant barrier) and EV Therm (thermal management) families. A UV-curable coating is said to cure in seconds and to shorten cycle time substantially compared with heat-cured and powder coatings |
| Solar | Silicone adhesives and sealants for solar panels. Acquired STR Holdings (solar encapsulants) in 2021 |
On underfill, the company's December 2018 blog post (written by a senior scientist in microelectronics packaging) explains that during thermal cycling the BGA or CSP and the printed circuit board move relative to each other, fatiguing the solder joints, and that underfill, typically an epoxy, flows in by capillary action and is then heat-cured to reinforce the solder joints mechanically. The post says drop performance improves and thermal-cycling performance rises about seven to ten times for CSP, WLCSP and flip-chip components, but gives no test conditions, so it is treated as a general statement by the manufacturer Sourced.
The features the company's page cites, low shrinkage, high Tg and low CTE, are the three that matter most in designing encapsulation and protection materials. If a material shrinks as it cures, residual stress builds up at the interface with the board or component and can cause delamination or cracking. If the coefficients of thermal expansion (CTE) of the board (FR-4 and similar), the chip, the solder and the encapsulant do not match, strain concentrates in the joints with every temperature cycle. Underfill spreads that strain from the solder joint into the resin (see also our explainers on epoxy resins, glass transition and creep, thermal expansion and underfill). A higher Tg helps the resin stay rigid at operating temperature, but the stiffer it is, the more readily stress is transmitted, so there is a design trade-off. This is general technical explanation, not figures for any of the company's individual products.
The other point is the choice of cure mechanism. The "UV plus moisture" dual cure the company lists works on the idea that UV sets the parts that light reaches within a short time, while moisture cures the shadowed parts the light cannot reach, which suits protecting boards crowded with components (general explanation). Heat cure needs an oven but cures shadowed areas too; UV cure finishes in seconds but leaves unlit areas uncured. Whether to favour line speed or certainty of cure feeds straight into the design of the dispensing line.
By contrast, in industrial adhesives such as hot melts, which are the company's core, the choice of raw materials drives profit. The 10-K says raw materials are about 75% of cost of sales and that the main ones are tackifying resins, polymers, synthetic rubbers, vinyl acetate monomer and plasticizers. The raw-material families differ from those of electronic encapsulants, so even among "adhesives", exposure to raw-material prices probably differs by business (an inference; the raw-material cost share for electronics is not disclosed).
11. Risks
| Risk | Detail | Basis |
|---|---|---|
| Raw-material prices | Raw materials are about 75% of cost of sales. The 10-K estimates that a 1% change in raw-material costs would change net income by about US$12.6 million | Sourced |
| Electronics and encapsulation scale is invisible | Sales, investment and headcount for electronics and encapsulation are all undisclosed, so there is no way to check progress in this field from outside | Not yet confirmed |
| Integrating a large acquisition, and finances | The AMS deal is expected to close in 2026. After closing, the company plans to bring net debt to adjusted EBITDA down to its target of 2.5 to 3 times within two years. At the end of the third quarter of fiscal 2026 the ratio was 3.0 times and net debt was US$1,957 million | Sourced |
| Impairment after serial acquisitions | Goodwill is tested for impairment every year for each reporting unit. In the 2025 test, fair value exceeded carrying value by 33% to 80% | Sourced |
| PFAS regulation | The 10-K lists, as a risk, proposed and adopted U.S. EPA rules on PFAS under TSCA, TRI and CERCLA, plus state laws, which could create duties to assess and report and, in some cases, to eliminate certain PFAS from products. It estimates spending on environmental compliance at about US$22.6 million over the next two years (about US$2.6 million of it capital expenditure) | Sourced |
| Product claims from a divested business | In the Rouse et al. lawsuit over grout sold by the divested North America Flooring business, the parties agreed in principle in October 2025 to settle for up to US$75.0 million, and the company recorded an accrual of US$34.8 million. This is a matter for a different business from electronics and encapsulation | Sourced |
| Geopolitics and currency | About 56% of revenue comes from outside the United States. In the third quarter of fiscal 2026 the company said it made strategic inventory investments to support Quantum Leap and to keep supply to customers continuous amid ongoing disruption in the Middle East | Sourced |
| Executing restructuring | The 10-K says delays or unexpected costs in restructuring such as the Quantum Leap supply-chain programme could prevent the company from realising the expected benefits | Sourced |
12. Glossary
- Pure play
- A company that does only one kind of business. H.B. Fuller describes itself as focused on adhesives, sealants and functional coatings.
- Hot-melt adhesive
- An adhesive that is melted by heating, applied, and sets as it cools. Widely used in packaging and hygiene products.
- Underfill
- A resin that flows into the gap between a chip and the board. It reinforces the solder joints and protects them from thermal strain and drop impact.
- Edge bond
- A method of fixing a chip by bonding only its perimeter. The process is simpler than full underfill and easier to rework.
- Conformal coating
- A thin film covering a whole board to protect it from moisture, dust and chemicals.
- Potting
- An encapsulation method in which a component or board is embedded in resin and cured.
- TIM (thermal interface material)
- A material that fills the gap between a heat-generating part and a heat sink and conducts heat across it.
- Dual cure
- Curing by a combination of two mechanisms, such as light and moisture or light and heat.
- Tg (glass transition temperature)
- A guide to the temperature at which a resin changes from a rigid to a soft state.
- CTE (coefficient of thermal expansion)
- How much a material expands as temperature rises. A mismatch between parts causes strain.
- Adjusted EBITDA
- A company-defined profit measure (non-GAAP): earnings before interest, tax, depreciation and amortisation, adjusted to exclude one-off items.
- Form 10-K
- The annual report that U.S.-listed companies file with the SEC.
13. References
- H.B. Fuller Form 10-K for the fiscal year ended November 29, 2025 (filed with the U.S. SEC on 22 January 2026). Business description, segments, revenue and adjusted EBITDA, R&D, capital expenditure, employees and plants, acquisitions and divestitures, risk factors (raw materials, PFAS, litigation), goodwill testing, customer concentration. https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm
- H.B. Fuller Form 10-Q for the quarterly period ended August 29, 2026 (filed 24 September 2026). Nine-month revenue and Engineering Adhesives, summary of the AMS acquisition, Dongguan Nako, bridge financing. https://www.sec.gov/Archives/edgar/data/39368/000143774926031145/ful20260831c_10q.htm
- H.B. Fuller Form 8-K dated June 25, 2026. The Rule 2.7 announcement under the UK Takeover Code for the AMS acquisition, 285 pence per share in cash, expected completion. https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ful20260625_8k.htm
- H.B. Fuller "H.B. Fuller Announces Offer to Acquire Advanced Medical Solutions" (press release attached to the 8-K, 25 June 2026). Rationale for the deal, synergies, long-term targets, financing. https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ex_981232.htm
- H.B. Fuller "H.B. Fuller Reports Third Quarter 2026 Results" (press release attached to the 8-K, 23 September 2026). Third-quarter results, fiscal 2026 outlook, net debt. https://www.sec.gov/Archives/edgar/data/39368/000143774926031113/ex_1019044.htm
- H.B. Fuller Form 10-K for the fiscal year ended November 27, 2021 (filed 25 January 2022). Acquisition of STR Holdings. https://www.sec.gov/Archives/edgar/data/39368/000143774922001550/ful20210928_10k.htm
- H.B. Fuller "Electronics Adhesives and Sealants" (company website, markets page). Uses in electronics. https://www.hbfuller.com/en/markets/electronics
- H.B. Fuller "Circuit Board Protection" (company website, applications page). Conformal coating, potting and encapsulation. https://www.hbfuller.com/en/applications/circuit-board-protection
- H.B. Fuller "PCB Assembly" (company website, applications page). Board-assembly adhesives, underfill and edge bond. https://www.hbfuller.com/en/applications/pcb-assembly
- H.B. Fuller "Technology Centers" (company website). Technology centres, the TONSAN Beijing R&D centre, the Suzhou technical centre. https://www.hbfuller.com/en/about-us/technology-centers
- H.B. Fuller "History" (company website). Timeline of founding, acquisitions and the joint venture. https://www.hbfuller.com/en/about-us/our-history
- H.B. Fuller "Electric Vehicles" (company website, markets page). Materials for EV batteries. https://www.hbfuller.com/en/markets/electric-vehicles
- H.B. Fuller 2025 Sustainability Report (PDF on the company website). Number of technology centres, customer-specific SKUs, EV product families, 2030 environmental targets. https://www.hbfuller.com/-/media/project/hbfuller/hbfuller/sustainability/files/h-b-fuller-sustainability-report-2025.pdf?sc_lang=en
- H.B. Fuller "Understanding Underfill" (The Glue Talk Blog, 13 December 2018). How underfill works. https://www.hbfuller.com/en/blog/thegluetalkblog/2018/december/understanding-underfill
- H.B. Fuller Company website (source of the logo image). https://www.hbfuller.com/
14. Claim-to-source audit
| Claim in the text | Basis | Source |
|---|---|---|
| Legal name, 1887 founding, Minnesota corporation, NYSE listing (FUL), headquarters and central research facilities in the St. Paul area | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| The founder's initials behind "H.B.", the launch of a liquid fish glue in 1887, the 2005 joint venture with Sekisui Chemical, the 2015 TONSAN acquisition, the 2017 Royal Adhesives & Sealants acquisition | Sourced | Reference 11 https://www.hbfuller.com/en/about-us/our-history |
| Net revenue, gross margin, net income, adjusted EBITDA, R&D, capital expenditure and operating cash flow (fiscal 2024 and 2025) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Revenue, adjusted EBITDA and margin for the three segments (fiscal 2025 and 2024, recast) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Nine-month fiscal 2026 revenue (US$2,659.3 million) and Engineering Adhesives (revenue 804.4, adjusted EBITDA 178.2) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/39368/000143774926031145/ful20260831c_10q.htm |
| Third-quarter fiscal 2026 results, 19.9% adjusted EBITDA margin, fiscal 2026 outlook, net debt of US$1,957 million, ratio of 3.0 times | Sourced | Reference 5 https://www.sec.gov/Archives/edgar/data/39368/000143774926031113/ex_1019044.htm |
| About 7,100 employees in 44 countries; 33 U.S. plants and 44 plants in 24 other countries; sales in 34 countries; about 56% of revenue outside the United States | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| 77 plants in total (33 + 44); R&D at about 1.8% of revenue (62.2 / 3,473.6) | Our calculation | Our calculation from the figures in reference 1 |
| Raw materials at about 75% of cost of sales; about US$12.6 million of net income per 1% change in raw-material costs; the main raw materials | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Sales, profit, R&D and capital expenditure for electronics and encapsulation alone | Not yet confirmed | None is disclosed, and this article makes no estimate Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| The 10-K business description includes "encapsulants" | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Electronics uses (structural bonding, sealing, electrical insulation, heat dissipation, vibration damping) and target markets | Sourced | Reference 7 https://www.hbfuller.com/en/markets/electronics |
| Circuit-board protection offering (conformal coating, potting, cure methods, low shrinkage, high Tg, low CTE) | Sourced | Reference 8 https://www.hbfuller.com/en/applications/circuit-board-protection |
| Chemistries for PCB-assembly adhesives, underfill and edge bond, reliability measures | Sourced | Reference 9 https://www.hbfuller.com/en/applications/pcb-assembly |
| How underfill works, and the improved thermal-cycling and drop performance (about seven to ten times; no test conditions given) | Sourced | Manufacturer's stated value. Reference 14 https://www.hbfuller.com/en/blog/thegluetalkblog/2018/december/understanding-underfill |
| EV battery product families (EV Bond, Seal, Protect, Therm), UV-curable coating, flame-retardant foams, TIM | Sourced | Reference 12 and 13 https://www.hbfuller.com/en/markets/electric-vehicles https://www.hbfuller.com/-/media/project/hbfuller/hbfuller/sustainability/files/h-b-fuller-sustainability-report-2025.pdf?sc_lang=en |
| 35 technology centres; more than 50% of SKUs tailored to individual customers | Sourced | Company statement. Reference 13 https://www.hbfuller.com/-/media/project/hbfuller/hbfuller/sustainability/files/h-b-fuller-sustainability-report-2025.pdf?sc_lang=en |
| More than 70 specialists at the TONSAN R&D centre in Beijing; the Suzhou technical centre (2009, solar silicone sealants) | Sourced | Reference 10 https://www.hbfuller.com/en/about-us/technology-centers |
| Acquisition of the assets of STR Holdings (13 January 2021, base price US$5.4 million, solar encapsulant maker) | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/39368/000143774922001550/ful20210928_10k.htm |
| Acquisition of the assets of ND Industries (20 May 2024, base price US$254.0 million); Taiwan (February 2025, about US$8.3 million) and Turkey (November 2025, about US$7.9 million) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Acquisition of the assets of Dongguan Nako (26 August 2026, about US$10.4 million, automated fastener pre-coating) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/39368/000143774926031145/ful20260831c_10q.htm |
| HS Butyl (August 2024), Medifill and GEM (December 2024 and January 2025, about €191.9 million in total), divestiture of North America Flooring (2 December 2024, fair value US$74.3 million) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Agreement to acquire AMS (285 pence per share, enterprise value about £715 million, expected to close in 2026, shareholder approval on 12 August 2026) | Sourced | Reference 3 and 2 https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ful20260625_8k.htm https://www.sec.gov/Archives/edgar/data/39368/000143774926031145/ful20260831c_10q.htm |
| Expected revenue uplift of about US$300 million from AMS, about US$55 million of synergies by 2031, a new segment of about 10%, financial targets | Not yet confirmed | The company's expectations, not achieved results. Reference 4 https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ex_981232.htm |
| How R&D is organised (platforms coordinated by global laboratories, projects in regional laboratories) and the general statement about using academic institutions | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Receipt of a US$5.8 million government grant in fiscal 2021 in connection with building a plant in China | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/39368/000143774922001550/ful20210928_10k.htm |
| Japanese joint venture Sekisui-Fuller (50% held, equity method) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| No single customer accounts for more than 10% of consolidated net revenue | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Restructuring plans begun in 2023 (expected cost US$80.0 to 85.0 million, 79.2 incurred, completed November 2025) and Project ONE spending | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Long-term targets of adjusted EBITDA margin above 20% and 5% annual constant-currency revenue growth | Not yet confirmed | Company targets. Reference 4 https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ex_981232.htm |
| 2030 environmental targets (Scope 1 down 25%, Scope 2 down 35%, water demand down 20% and others) against a 2024 base year | Not yet confirmed | Company targets, not achieved results. Reference 13 https://www.hbfuller.com/-/media/project/hbfuller/hbfuller/sustainability/files/h-b-fuller-sustainability-report-2025.pdf?sc_lang=en |
| The PFAS regulatory risk, the estimate of environmental compliance spending (about US$22.6 million), the Rouse settlement in principle and accrual, the goodwill-test result | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Inventory investment to support Quantum Leap and keep supply continuous amid disruption in the Middle East | Sourced | Reference 5 https://www.sec.gov/Archives/edgar/data/39368/000143774926031113/ex_1019044.htm |
| Whether the company makes EMC, ACF or conductive pastes | Not yet confirmed | Not found in the official materials reviewed. This article does not conclude that it does not |
| Product-level technical data sheets (viscosity, Tg, CTE, cure conditions) | Not yet confirmed | The product pages restrict automated access and could not be checked. This article does not guess |
| Named customers, universities and research institutes in joint development, and public projects such as NEDO or the EU | Not yet confirmed | No names in the 10-K. This article does not conclude that none exist Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| The three types of company in adhesives and encapsulants, and the placement of H.B. Fuller in general adhesives and chemicals | Our calculation | Our own classification. Companies shown are examples from those covered in this series |
| Medical is positioned as a core growth market (the CEO's statement in the AMS announcement) | Sourced | Reference 4 https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ex_981232.htm |
| The reading that electronics and encapsulation are not at the front of the growth strategy | Inference | This article's interpretation of the absence of electronics in the AMS announcement and the third-quarter release Reference 4 and 5 https://www.sec.gov/Archives/edgar/data/39368/000143774926021844/ex_981232.htm https://www.sec.gov/Archives/edgar/data/39368/000143774926031113/ex_1019044.htm |
| The reading that electronics and encapsulation are served from within the existing industrial-adhesives customer base | Inference | This article's interpretation of electronics being listed only as one market Reference 1 and 7 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm https://www.hbfuller.com/en/markets/electronics |
| The reading that Engineering Adhesives is adding higher-margin niches through acquisitions | Inference | This article's interpretation of the acquisition history and the margin trend (19.9% to 22.2%) Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| The reading that exposure to raw-material prices differs between industrial adhesives such as hot melts and electronic encapsulants | Inference | This article's interpretation of the 10-K raw-material description and the lack of any electronics raw-material cost share Reference 1 https://www.sec.gov/Archives/edgar/data/39368/000143774926001767/ful20251130_10k.htm |
| Technical explanation of low shrinkage, high Tg, low CTE, UV-plus-moisture dual cure and underfill stress distribution | Our calculation | General technical explanation, not figures for any individual product (see our explainers in this series) |
Last updated 3 October 2026 / Troy Technical
The figures in this article come from H.B. Fuller's statutory filings with the U.S. Securities and Exchange Commission and from the company's website and official press releases. No research-firm market estimates or press-based figures have been used (the market-size estimate in the AMS announcement is not used either). Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Product features are the descriptions on the company's application pages (manufacturer's stated value), with no test conditions given.