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Key Takeaways H.B. Fuller prices $850M in 7.625% senior unsecured notes due 2034 to fund its planned AMS acquisition.Proceeds will also repay existing credit borrowings and refinance 4.000% notes maturing in February 2027.H.B. Fuller must redeem $450M of the new notes if the AMS acquisition is not completed by June 25, 2027. H.B. Fuller Company (FUL - Free Report) recently priced an offering of $850 million in senior unsecured notes to help finance its planned acquisition of Advanced Medical Solutions Group plc (AMS), repay existing debt and other borrowings to support flexible operations.

The offering comprises 7.625% senior unsecured notes due 2034, with an issue price of 100% of the principal amount. The notes will pay interest semiannually. The issuance is expected to close on or around Oct. 21, 2026, subject to customary closing conditions.

H.B. Fuller intends to use the net proceeds, along with available cash and borrowings, to fund the purchase price for the AMS acquisition. The company also plans to repay borrowings under its existing credit agreement and fund the repayment or redemption of its 4.000% notes due Feb. 15, 2027.

The debt offering is linked to the completion of the AMS acquisition. H.B. Fuller had previously agreed to a cooperation agreement dated June 25, 2026, under which, if the acquisition is not completed by June 25, 2027, H.B. Fuller will be required to redeem $450 million of the new notes at 100% of the issue price, plus accrued and unpaid interest. The financing is expected to support H.B. Fuller's acquisition strategy while addressing upcoming debt maturities.  A higher interest rate can increase financing expenses, but the impact on leverage and cash flow is yet to be seen.

FUL shares have lost 14.1% in the past year against the industry’s 4.8% growth.

Image Source: Zacks Investment Research

FUL’s Zacks Rank & Key PicksFUL currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Reliance, Inc. (RS - Free Report) , Air Products and Chemicals, Inc. (APD - Free Report) and Axalta Coating Systems Ltd. (AXTA - Free Report) .

RS currently sports a Zacks Rank #1 (Strong Buy), and APD and AXTA carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here

The Zacks Consensus Estimate for RS’ 2026 earnings is pegged at $23.70 per share, indicating a 66.2% year-over-year surge. RSshares have gained 51.2% over the past year.

The Zacks Consensus Estimate for APD’s current fiscal-year earnings is pinned at $13.46 per share, indicating an 11.89% year-over-year rise. APDshares have gained 15.5% over the past year.

The Zacks Consensus Estimate for AXTA’s fiscal 2026 earnings is pegged at $2.63 per share, indicating a year-over-year rise of 5.62%. Its earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, with an average surprise of 6.4%.

-

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today announced that its Board of Directors declared a regular quarterly cash dividend of $0.2450 per share of common stock, payable on October 29, 2026 to shareholders of record at the close of business on October 15, 2026.

H.B. Fuller has paid quarterly cash dividends on its common stock for 58 consecutive years.

About H.B. Fuller

As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com.

More News From H.B. Fuller Company

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Net revenue of $938 million, up 5.2% year-on-year; Organic revenue up 4.4% year-on-year

Net income of $79 million; Adjusted EBITDA of $187 million, up 9% year-on-year

Adjusted EBITDA margin of 19.9%, up 80 basis points year-on-year

Reported EPS (diluted) of $1.44; Adjusted EPS (diluted) of $1.52, up 21% year-on-year

ST. PAUL, Minn.--(BUSINESS WIRE)--H.B. Fuller Company (NYSE: FUL) today reported financial results for its third quarter that ended August 29, 2026.

Third Quarter 2026 Noteworthy Items:

Net revenue was $938 million, up 5.2% year-on-year; organic revenue was up 4.4% year-on-year, with organic revenue growth in all three global business units; Gross margin was 33.2%; adjusted gross margin of 33.5% increased 120 basis points year-on-year driven mainly by pricing execution and restructuring savings; Net income was $79 million; adjusted EBITDA was $187 million, up 9% versus last year; adjusted EBITDA margin was a record 19.9%, up 80 basis points year-on-year, with adjusted EBITDA growth and margin improvement in all three global business units; Reported EPS (diluted) was $1.44; adjusted EPS (diluted) was $1.52, up 21% year-on-year, driven by higher adjusted net income. Summary of Third Quarter 2026 Results:

The Company’s net revenue for the third quarter of fiscal 2026 was $938 million, up 5.2% versus the third quarter of fiscal 2025. Pricing increased net revenue by 7.4%, which more than offset lower volume, resulting in a 4.4% organic revenue increase year-on-year. Foreign currency translation and the impact of acquisitions increased net revenue by 0.7% and 0.1%, respectively.

Gross profit in the third quarter of fiscal 2026 was $312 million. Adjusted gross profit was $315 million. Adjusted gross profit margin of 33.5% increased 120 basis points year-on-year. The impact of pricing execution and restructuring savings drove the majority of the year-on-year increase in adjusted gross profit margin.

Selling, general and administrative (SG&A) expense was $198 million in the third quarter of fiscal 2026 and adjusted SG&A was $183 million, up 8% year-over-year and down 7% sequentially from the second quarter of 2026, reflecting the timing of certain expenses.

Net income attributable to H.B. Fuller for the third quarter of fiscal 2026 was $79 million. Adjusted net income attributable to H.B. Fuller for the third quarter of fiscal 2026 was $83 million. Reported EPS (diluted) was $1.44 and adjusted EPS (diluted) was $1.52, up 21% year-on-year.

Adjusted EBITDA in the third quarter of fiscal 2026 was $187 million, up 9% year-on-year, driven principally by the impact of pricing and restructuring savings. Adjusted EBITDA margin increased 80 basis points year-on-year to 19.9%.

“Through disciplined execution, we delivered strong revenue, EBITDA, and EPS growth in the quarter and continued to improve profitability and advance toward our EBITDA margin target of greater than 20 percent,” said Celeste Mastin, president and chief executive officer. “Pricing actions are offsetting higher raw material costs, and our restructuring efforts continue to enhance operating leverage. With the anticipated closing of the AMS acquisition before year-end, we remain focused on strengthening our portfolio, executing our Quantum Leap program, and creating long-term value for shareholders.”

Balance Sheet and Working Capital:

Net debt at the end of the third quarter of fiscal 2026 was $1,957 million, approximately flat year-on-year. Net debt-to-adjusted EBITDA was 3.0X, down from 3.3X at the end of the third quarter of fiscal 2025.

Net working capital in the third quarter of fiscal 2026 was 18.5% of annualized net revenue, up 150 basis points year-on-year. The increase was primarily driven by strategic inventory investments to support Quantum Leap and ensure supply continuity for customers amid ongoing disruption in the Middle East. Year-to-date cash flow from operations was $183 million, up 17% year-on-year.

Fiscal 2026 Outlook:

As a result of our year-to-date performance, we are updating our previously communicated financial guidance for fiscal 2026:

Net revenue for fiscal 2026 is still expected to be up mid-single digits; organic revenue is still expected to be up low-single digits, with pricing up mid-single digits and volume down low-single digits; the impact from foreign exchange is now expected to be approximately 2%; Adjusted EBITDA for fiscal 2026 is now expected to be in the range of $655 million to $670 million; Core tax rate, excluding the impact of discrete items, is now expected to be in the range of 25.5% to 26.0%; Adjusted EPS (diluted) is now expected to be in the range of $4.70 to $4.85; Cash flow from operations for fiscal 2026, excluding the impact of AMS-related items, is still expected to be in the range of $300 million to $325 million. Conference Call:

The Company will hold a conference call on September 24, 2026, at 9:30 a.m. CT (10:30 a.m. ET) to discuss its results. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the Company’s website at https://investors.hbfuller.com. Participants must register prior to accessing the webcast using this link and should do so at least 10 minutes prior to the start of the call to install and test any necessary software and audio connections. A telephone replay of the conference call will be available from 12:30 p.m. CT on September 24, 2026 to 10:59 p.m. CT on October 1, 2026. To access the telephone replay dial 1-833-309-1852 (toll free) or 1-929-828-5978 and enter the Meeting ID: 835696208.

Regulation G:

The information presented in this earnings release regarding consolidated and segment organic revenue growth, operating income, adjusted gross profit, adjusted gross profit margin, adjusted selling, general and administrative expense, adjusted income before income taxes and income from equity investments, adjusted income taxes, adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), adjusted EBITDA margin, net debt, net debt-to-adjusted EBITDA, trailing twelve months adjusted EBITDA, net working capital, annualized net revenue and net working capital as a percentage of annualized net revenue does not conform to U.S. generally accepted accounting principles (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Management has included this non-GAAP information to assist in understanding the operating performance of the company and its operating segments as well as the comparability of results to the results of other companies. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported U.S. GAAP results in the “Regulation G Reconciliation” tables in this press release with the exception of our forward-looking non-GAAP measures contained above in our Fiscal 2026 Outlook, which the company cannot reconcile to forward-looking GAAP results without unreasonable effort.

About H.B. Fuller:

As the largest pureplay adhesives company in the world, H.B. Fuller’s (NYSE: FUL) innovative, functional coatings, adhesives and sealants enhance the quality, safety and performance of products people use every day. Founded in 1887, with 2025 revenue of $3.5 billion, our mission to Connect What Matters is brought to life by more than 7,100 global team members who collaborate with customers across more than 30 market segments in 150 countries to develop highly specified solutions that enable customers to bring world-changing innovations to their end markets. Learn more at www.hbfuller.com

Safe Harbor for Forward-Looking Statements:

Certain statements in this press release are forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases. These statements are subject to various risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including but not limited to the following: the availability and pricing of raw materials; the impact of potential cybersecurity attacks and security breaches; failures in our information technology systems; the impact on the supply chain, raw material costs and pricing of our products due to military conflict, including between Russia and Ukraine; the impact on our margins and product demand due to inflationary pressures; the substantial amount of debt we have incurred to finance our acquisition of Royal, our ability to repay or refinance our debt or to incur additional debt in the future, our need for a significant amount of cash to service and repay the debt and to pay dividends on our common stock, and the effect of debt covenants that limit the discretion of management in operating the business or in paying dividends; our ability to pay dividends and to pursue growth opportunities if we continue to pay dividends according to our current dividend policy; our ability to effectively manage and realize expected benefits from completed and future mergers, acquisitions, and divestitures; our ability to achieve expected synergies, cost savings and operating efficiencies from our restructuring initiatives and operational improvement projects within the expected time frames or at all; our ability to effectively implement Project ONE; uncertain political and economic conditions; fluctuations in product demand; competing products and pricing; our geographic and product mix; disruptions to our relationships with our major customers and suppliers; regulatory compliance across our global footprint; trade policies and economic sanctions impacting our markets; changes in tax laws and tariffs; devaluations and other foreign exchange rate fluctuations; the impact of litigation and investigations, including for product liability and environmental matters; impairment charges on our goodwill or long-lived assets; the consequences of catastrophic events on our operations and financial results; the effect of new accounting pronouncements and accounting charges and credits; and similar matters.

Additional information about these various risks and uncertainties can be found in the “Risk Factors” section of our Form 10-K filings, and any updates to the risk factors in our Form 10-Q and 8-K filings with the SEC, but there may be other risks and uncertainties that we are unable to identify at this time or that we do not currently expect to have a material impact on the business. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. We do not undertake to update or revise any forward-looking statements, except as required by law.

Three Months Ended

Three Months Ended

August 29, 2026

Percent of

Net Revenue

August 30, 2025

Percent of

Net Revenue

Net revenue

$

938,175

100.0

%

$

892,043

100.0

%

Cost of sales

(626,489

)

(66.8

)%

(606,929

)

(68.0

)%

Gross profit

311,686

33.2

%

285,114

32.0

%

Selling, general and administrative expenses

(198,481

)

(21.2

)%

(174,974

)

(19.6

)%

Other income, net

26,429

2.8

%

5,308

0.6

%

Interest expense

(40,915

)

(4.4

)%

(33,630

)

(3.8

)%

Interest income

2,489

0.3

%

1,110

0.1

%

Income before income taxes and income from equity method investments

101,208

10.8

%

82,928

9.3

%

Income taxes

(24,656

)

(2.6

)%

(16,527

)

(1.9

)%

Income from equity method investments

2,630

0.3

%

832

0.1

%

Net income including non-controlling interest

79,182

8.4

%

67,233

7.5

%

Net income attributable to non-controlling interest

-

0.0

%

(73

)

(0.0

)%

Net income attributable to H.B. Fuller

$

79,182

8.4

%

$

67,160

7.5

%

Basic income per common share attributable to H.B. Fuller

$

1.46

$

1.23

Diluted income per common share attributable to H.B. Fuller

$

1.44

$

1.22

Weighted-average common shares outstanding:

Basic

54,235

54,428

Diluted

54,906

55,162

Nine Months Ended

Nine Months Ended

August 29, 2026

Percent of

Net Revenue

August 30, 2025

Percent of

Net Revenue

Net revenue

$

2,659,289

100.0

%

$

2,578,801

100.0

%

Cost of sales

(1,791,902

)

(67.4

)%

(1,780,228

)

(69.0

)%

Gross profit

867,387

32.6

%

798,573

31.0

%

Selling, general and administrative expenses

(585,297

)

(22.0

)%

(541,942

)

(21.0

)%

Other income, net

38,805

1.5

%

15,655

0.6

%

Interest expense

(106,542

)

(4.0

)%

(100,536

)

(3.9

)%

Interest income

6,524

0.2

%

3,064

0.1

%

Income before income taxes and income from equity method investments

220,877

8.3

%

174,814

6.8

%

Income taxes

(57,662

)

(2.2

)%

(55,198

)

(2.1

)%

Income from equity method investments

4,816

0.2

%

2,726

0.1

%

Net income including non-controlling interest

168,031

6.3

%

122,342

4.7

%

Net income attributable to non-controlling interest

-

0.0

%

(106

)

(0.0

)%

Net income attributable to H.B. Fuller

$

168,031

6.3

%

$

122,236

4.7

%

Basic income per common share attributable to H.B. Fuller

$

3.09

$

2.24

Diluted income per common share attributable to H.B. Fuller

$

3.05

$

2.21

Weighted-average common shares outstanding:

Basic

54,465

54,623

Diluted

55,163

55,381

Three Months Ended

Nine Months Ended

August 29,

August 30,

August 29,

August 30,

2026

2025

2026

2025

Net income attributable to H.B. Fuller

$

79,182

$

67,160

$

168,031

$

122,236

Adjustments:

Acquisition project costs1

(10,358

)

518

(8,033

)

13,948

Organizational realignment2

5,834

4,620

20,269

20,028

Project One3

2,700

2,499

8,140

8,146

Other4

8,387

1,711

11,317

1,755

Discrete tax items5

(2,075

)

(3,742

)

(1,621

)

11,210

Income tax effect on adjustments6

(242

)

(3,402

)

(5,628

)

(13,309

)

Adjusted net income attributable to H.B. Fuller7

83,428

69,364

192,475

164,014

Add:

Interest expense

32,953

33,369

97,910

99,884

Interest income

(2,489

)

(1,110

)

(6,519

)

(3,064

)

Adjusted Income taxes

26,973

23,671

64,910

57,297

Depreciation and Amortization expense8

45,844

45,298

137,682

132,477

Adjusted EBITDA7

$

186,709

$

170,592

$

486,458

$

450,608

Diluted Shares

54,906

55,162

55,163

55,381

Adjusted diluted income per common share attributable to H.B. Fuller7

$

1.52

$

1.26

$

3.49

$

2.96

Revenue

$

938,175

$

892,043

$

2,659,289

$

2,578,801

Adjusted EBITDA margin7

19.9

%

19.1

%

18.3

%

17.5

%

Three Months Ended

Nine Months Ended

August 29,

August 30,

August 29,

August 30,

2026

2025

2026

2025

Net Revenue:

Hygiene, Health and Consumable Adhesives

$

412,965

$

386,068

$

1,181,353

$

1,151,768

Engineering Adhesives

278,700

272,297

804,387

785,474

Building Adhesive Solutions

246,510

233,678

673,549

641,559

Corporate unallocated

-

-

-

-

Total H.B. Fuller

$

938,175

$

892,043

$

2,659,289

$

2,578,801

Segment Operating Income (Loss):

Hygiene, Health and Consumable Adhesives

$

53,592

$

46,491

$

138,953

$

119,840

Engineering Adhesives

49,728

46,852

127,727

121,880

Building Adhesive Solutions

28,354

25,859

58,555

54,550

Corporate unallocated

(18,469

)

(9,062

)

(43,145

)

(39,639

)

Total H.B. Fuller

$

113,205

$

110,140

$

282,090

$

256,631

Adjusted EBITDA7

Hygiene, Health and Consumable Adhesives

$

72,773

$

65,324

$

196,374

$

174,178

Engineering Adhesives

66,447

63,427

178,150

170,956

Building Adhesive Solutions

44,760

41,473

107,784

100,810

Corporate unallocated

2,729

368

4,150

4,664

Total H.B. Fuller

$

186,709

$

170,592

$

486,458

$

450,608

Adjusted EBITDA Margin7

Hygiene, Health and Consumable Adhesives

17.6

%

16.9

%

16.6

%

15.1

%

Engineering Adhesives

23.8

%

23.3

%

22.1

%

21.8

%

Building Adhesive Solutions

18.2

%

17.7

%

16.0

%

15.7

%

Corporate unallocated

NMP

NMP

NMP

NMP

Total H.B. Fuller

19.9

%

19.1

%

18.3

%

17.5

%

NMP = non-meaningful percentage

Three Months Ended

Nine Months Ended

August 29,

August 30,

August 29,

August 30,

2026

2025

2026

2025

Income before income taxes and income from equity method investments

$

101,208

$

82,928

$

220,877

$

174,814

Adjustments:

Acquisition project costs1

(10,358

)

518

(8,033

)

13,948

Organizational realignment2

5,834

4,620

20,269

20,028

Project One3

2,700

2,499

8,140

8,146

Other4

8,387

1,711

11,317

1,755

Adjusted income before income taxes and income from equity method investments9

$

107,771

$

92,276

$

252,570

$

218,691

Three Months Ended

Nine Months Ended

August 29,

August 30,

August 29,

August 30,

2026

2025

2026

2025

Income Taxes

$

(24,656

)

$

(16,527

)

$

(57,662

)

$

(55,198

)

Adjustments:

Acquisition project costs1

381

(188

)

(85

)

(3,988

)

Organizational realignment2

(215

)

(1,681

)

(3,491

)

(6,136

)

Project One3

(99

)

(910

)

(1,269

)

(2,548

)

Other4

(309

)

(623

)

(782

)

(637

)

Discrete tax items5

(2,075

)

(3,742

)

(1,621

)

11,210

Adjusted income taxes10

$

(26,973

)

$

(23,671

)

$

(64,910

)

$

(57,297

)

Adjusted income before income taxes and income from equity method investments

$

107,771

$

92,276

$

252,570

$

218,691

Adjusted effective income tax rate10

25.0

%

25.7

%

25.7

%

26.2

%

Three Months Ended

Nine Months Ended

August 29,

August 30,

August 29,

August 30,

2026

2025

2026

2025

Net revenue

$

938,175

$

892,043

$

2,659,289

$

2,578,801

Gross profit

$

311,686

$

285,114

$

867,387

$

798,573

Gross profit margin

33.2

%

32.0

%

32.6

%

31.0

%

Adjustments:

Acquisition project costs1

-

89

-

764

Organizational realignment2

2,952

3,216

10,475

11,140

Project One3

-

-

-

-

Other4

-

-

2,501

-

Adjusted gross profit11

$

314,638

$

288,419

$

880,363

$

810,477

Adjusted gross profit margin11

33.5

%

32.3

%

33.1

%

31.4

%

Three Months Ended

Nine Months Ended

August 29,

August 30,

August 29,

August 30,

2026

2025

2026

2025

Selling, general and administrative expenses

$

(198,481

)

$

(174,974

)

$

(585,297

)

$

(541,942

)

Adjustments:

Acquisition project costs1

9,182

168

10,841

11,528

Organizational realignment2

3,024

1,373

8,647

6,302

Project One3

2,701

2,500

8,141

8,146

Other4

597

1,711

2,522

1,755

Adjusted selling, general and administrative expenses12

$

(182,977

)

$

(169,222

)

$

(555,146

)

$

(514,211

)

Hygiene, Health

Building

Three Months Ended:

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

August 29, 2026

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

56,083

  $

50,825

  $

31,228

  $

138,136

  $

(58,954

)

  $

79,182

Adjustments:

          Acquisition project costs1

-

  -

  -

  -

  (10,358

)

  (10,358

)

Organizational realignment2

-

  -

  -

  -

  5,834

  5,834

Project One3

-

  -

  -

  -

  2,700

  2,700

Other4

-

  -

  -

  -

  8,387

  8,387

Discrete tax items5

-

  -

  -

  -

  (2,075

)

  (2,075

)

Income tax effect on adjustments6

-

  -

  -

  -

  (242

)

  (242

)

Adjusted net income attributable to H.B. Fuller7

56,083

  50,825

  31,228

  138,136

  (54,708

)

  83,428

Add:

          Interest expense

-

  -

  -

  -

  32,953

  32,953

Interest income

-

  -

  -

  -

  (2,489

)

  (2,489

)

Adjusted Income taxes

-

  -

  -

  -

  26,973

  26,973

Depreciation and amortization expense8

16,690

  15,622

  13,532

  45,844

  -

  45,844

Adjusted EBITDA7

$

72,773

  $

66,447

  $

44,760

  $

183,980

  $

2,729

  $

186,709

Revenue

$

412,965

  $

278,700

  $

246,510

  $

938,175

  -

  $

938,175

Adjusted EBITDA Margin7

17.6

%

  23.8

%

  18.2

%

  19.6

%

  NMP

  19.9

%

Hygiene, Health

  Building

Nine Months Ended

and Consumable

  Engineering

Adhesive

Segment

Corporate

H.B. Fuller

August 29, 2026

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

146,429

$

131,020

$

67,177

$

344,626

$

(176,595

)

$

168,031

Adjustments:

Acquisition project costs1

-

-

-

-

(8,033

)

(8,033

)

Organizational realignment2

-

-

-

-

20,269

20,269

Project One3

-

-

-

-

8,140

8,140

Other4

-

-

-

-

11,317

11,317

Discrete tax items5

-

-

-

-

(1,621

)

(1,621

)

Income tax effect on adjustments6

-

-

-

-

(5,628

)

(5,628

)

Adjusted net income attributable to H.B. Fuller7

146,429

131,020

67,177

344,626

(152,151

)

192,475

Add:

Interest expense

-

-

-

-

97,910

97,910

Interest income

-

-

-

-

(6,519

)

(6,519

)

Adjusted Income taxes

-

-

-

-

64,910

64,910

Depreciation and amortization expense8

49,945

47,130

40,607

137,682

-

137,682

Adjusted EBITDA7

$

196,374

$

178,150

$

107,784

$

482,308

$

4,150

$

486,458

Revenue

1,181,353

804,387

673,549

2,659,289

-

2,659,289

Adjusted EBITDA Margin7

16.6

%

22.1

%

16.0

%

18.1

%

NMP

18.3

%

Hygiene, Health

Building

Three Months Ended:

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

August 30, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

48,697

$

47,820

$

28,409

$

124,926

$

(57,766

)

$

67,160

Adjustments:

Acquisition project costs1

-

-

-

-

518

518

Organizational realignment2

-

-

-

-

4,620

4,620

Project One3

-

-

-

-

2,499

2,499

Other4

-

-

-

-

1,711

1,711

Discrete tax items5

-

-

-

-

(3,742

)

(3,742

)

Income tax effect on adjustments6

-

-

-

-

(3,402

)

(3,402

)

Adjusted net income attributable to H.B. Fuller7

48,697

47,820

28,409

124,926

(55,562

)

69,364

Add:

Interest expense

-

-

-

-

33,369

33,369

Interest income

-

-

-

-

(1,110

)

(1,110

)

Adjusted Income taxes

-

-

-

-

23,671

23,671

Depreciation and amortization expense8

16,627

15,607

13,064

45,298

-

45,298

Adjusted EBITDA7

$

65,324

$

63,427

$

41,473

$

170,224

$

368

$

170,592

Revenue

$

386,068

$

272,297

$

233,678

$

892,043

-

$

892,043

Adjusted EBITDA Margin7

16.9

%

23.3

%

17.7

%

19.1

%

NMP

19.1

%

Hygiene, Health

Building

Nine Months Ended

and Consumable

Engineering

Adhesive

Segment

Corporate

H.B. Fuller

August 30, 2025

Adhesives

Adhesives

Solutions

Total

Unallocated

Consolidated

Net income attributable to H.B. Fuller

$

126,467

$

124,791

$

62,209

$

313,467

$

(191,231

)

$

122,236

Adjustments:

Acquisition project costs1

-

-

-

-

13,948

13,948

Organizational realignment2

-

-

-

-

20,028

20,028

Project One3

-

-

-

-

8,146

8,146

Other4

-

-

-

-

1,755

1,755

Discrete tax items5

-

-

-

-

11,210

11,210

Income tax effect on adjustments6

-

-

-

-

(13,309

)

(13,309

)

Adjusted net income attributable to H.B. Fuller7

126,467

124,791

62,209

313,467

(149,453

)

164,014

Add:

Interest expense

-

-

-

-

99,884

99,884

Interest income

-

-

-

-

(3,064

)

(3,064

)

Adjusted Income taxes

-

-

-

-

57,297

57,297

Depreciation and amortization expense8

47,711

46,165

38,601

132,477

-

132,477

Adjusted EBITDA7

$

174,178

$

170,956

$

100,810

$

445,944

$

4,664

$

450,608

Revenue

$

1,151,768

$

785,474

$

641,559

$

2,578,801

-

$

2,578,801

Adjusted EBITDA Margin7

15.1

%

21.8

%

15.7

%

17.3

%

NMP

17.5

%

Three Months Ended

Nine Months Ended

August 29, 2026

August 29, 2026

Price

7.4

%

3.7

%

Volume

(3.0

)%

(3.3

)%

Organic Growth13

4.4

%

0.4

%

M&A

0.1

%

0.3

%

Constant currency

4.5

%

0.7

%

F/X

0.7

%

2.4

%

Total H.B. Fuller Net Revenue

5.2

%

3.1

%

Revenue growth versus 2025

Three Months Ended

August 29, 2026

Net Revenue

F/X

Constant Currency

M&A

Organic Growth13

Hygiene, Health and Consumable Adhesives

7.0

%

0.6

%

6.4

%

0.0

%

6.4

%

Engineering Adhesives

2.4

%

1.3

%

1.1

%

0.4

%

0.7

%

Building Adhesive Solutions

5.5

%

0.3

%

5.2

%

0.0

%

5.2

%

Corporate Unallocated

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total H.B. Fuller

5.2

%

0.7

%

4.5

%

0.1

%

4.4

%

Revenue growth versus 2025

Nine Months Ended

August 29, 2026

Net Revenue

F/X

Constant Currency

M&A

Organic Growth13

Hygiene, Health and Consumable Adhesives

2.6

%

2.4

%

0.2

%

0.3

%

(0.1

)%

Engineering Adhesives

2.4

%

2.6

%

(0.2

)%

0.5

%

(0.7

)%

Building Adhesive Solutions

5.0

%

2.4

%

2.6

%

0.0

%

2.6

%

Corporate Unallocated

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total H.B. Fuller

3.1

%

2.4

%

0.7

%

0.3

%

0.4

%

Three Months Ended

Trailing Twelve

Months14 Ended

November 29, 2025

February 28, 2026

May 30, 2026

August 29, 2026

August 29, 2026

Net income attributable to H.B. Fuller

$

29,732

$

21,045

$

67,805

$

79,182

$

197,764

Adjustments:

Acquisition project costs1

1,465

931

1,395

(10,358

)

(6,567

)

Organizational realignment2

11,396

10,022

4,413

5,834

31,665

Project One3

2,091

3,053

2,387

2,700

10,231

Other15

37,400

(95

)

3,024

8,387

48,716

Discrete tax items16

(3,743

)

98

356

(2,075

)

(5,364

)

Income tax effect on adjustments6

(7,745

)

(3,539

)

(1,848

)

(242

)

(13,374

)

Adjusted net income attributable to H.B. Fuller7

70,596

31,515

77,532

83,428

263,071

Add:

Interest expense

32,547

32,373

32,584

32,953

130,457

Interest income

(1,756

)

(2,069

)

(1,961

)

(2,489

)

(8,275

)

Adjusted Income taxes

23,420

10,862

27,075

26,973

88,330

Depreciation and Amortization expense17

45,246

46,023

45,815

45,844

182,928

Adjusted EBITDA7

$

170,053

$

118,704

$

181,045

$

186,709

$

656,511

August 29, 2026

November 29, 2025

August 30, 2025

Total debt

$

2,054,547

$

2,016,937

$

2,080,470

Less: Cash and cash equivalents

97,230

107,213

122,458

Net debt18

$

1,957,317

$

1,909,724

$

1,958,012

Trailing twelve months14 / Year ended Adjusted EBITDA

$

656,511

$

620,660

$

598,944

Net Debt-to-Adjusted EBITDA18

3.0

3.1

3.3

August 29, 2026

May 30, 2026

August 30, 2025

Trade receivables, net

$

648,012

$

622,745

$

563,579

Inventory

582,645

526,737

502,956

Trade payables

(537,126

)

(526,321

)

(459,409

)

Net working capital19

$

693,531

$

623,161

$

607,126

Net revenue three months ended

$

938,175

$

950,271

$

892,043

Annualized net revenue19

3,752,700

3,801,084

3,568,172

Net working capital as a percentage of annualized revenue19

18.5

%

16.4

%

17.0

%

August 29,

November 29,

2026

2025

Assets

Current assets:

Cash and cash equivalents

$

97,230

$

107,213

Accounts receivable (net of allowances of $13,265 and $11,922, as of August 29, 2026 and November 29, 2025, respectively)

648,012

564,339

Inventory

582,645

471,963

Other current assets

157,985

119,750

Total current assets

1,485,872

1,263,265

Property, plant and equipment

2,061,887

1,956,209

Accumulated depreciation

(1,083,003

)

(1,020,948

)

Property, plant and equipment, net

978,884

935,261

Goodwill

1,698,216

1,680,059

Other intangibles, net

748,693

805,867

Other assets

515,383

498,254

Total assets

$

5,427,048

$

5,182,706

Liabilities, non-controlling interest and total equity

Current liabilities:

Accounts payable

$

537,126

$

470,132

Accrued compensation

100,075

114,302

Income taxes payable

33,078

25,018

Other accrued expenses

147,782

133,907

Total current liabilities

818,061

743,359

Long-term debt

2,054,547

2,016,937

Accrued pension liabilities

51,525

51,317

Other liabilities

334,898

367,899

Total liabilities

$

3,259,031

$

3,179,512

Commitments and contingencies

Equity

H.B. Fuller stockholders' equity:

Preferred stock (no shares outstanding) shares authorized – 10,045,900

-

-

Common stock, par value $1.00 per share, shares authorized – 160,000,000, shares issued and outstanding – 53,818,019 and 54,174,963 as of August 29, 2026 and November 29, 2025, respectively

$

53,818

$

54,175

Additional paid-in capital

285,521

298,017

Retained earnings

2,154,643

2,026,071

Accumulated other comprehensive loss

(325,965

)

(375,045

)

Total H.B. Fuller stockholders' equity

2,168,017

2,003,218

Non-controlling interest

-

(24

)

Total equity

2,168,017

2,003,194

Total liabilities, non-controlling interest and total equity

$

5,427,048

$

5,182,706

Nine Months Ended

August 29, 2026

August 30, 2025

Cash flows from operating activities:

Net income including non-controlling interest

$

168,031

$

122,342

Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:

Depreciation

73,278

68,314

Amortization

65,182

64,525

Deferred income taxes

(15,478

)

(39,227

)

Loss from equity method investments, net of dividends received

1,422

1,045

Loss on the sale of business

-

1,515

Loss on impairment of intangible asset

-

478

Gain on sale or disposal of assets

(1,025

)

(178

)

Share-based compensation

20,144

18,170

Pension and other post-retirement plan benefit

(18,301

)

(16,393

)

Loss on debt extinguishment

6,598

-

Unrealized gain on foreign exchange forward contract related to acquisition

(19,713

)

-

Change in assets and liabilities, net of effects of acquisitions:

Accounts receivable, net

(78,868

)

(3,336

)

Inventory

(106,440

)

(42,095

)

Other assets

(4,825

)

2,176

Accounts payable

93,622

(25,764

)

Accrued compensation

(15,184

)

(19,230

)

Other accrued expenses

21,131

6,856

Income taxes payable

(3,409

)

(12,993

)

Pension plan assets and liabilities

1,385

(177

)

Other liabilities

(5,110

)

28,622

Foreign currency remeasurement

189

2,106

Net cash provided by operating activities

182,629

156,756

Cash flows from investing activities:

Purchased property, plant and equipment

(141,653

)

(94,593

)

Purchased businesses, net of cash acquired

(3,817

)

(162,095

)

Payment of holdback on acquisitions

(11,627

)

-

Proceeds from sale of property, plant and equipment

4,638

843

Purchase of cost method investment

-

(2,549

)

Proceeds from the sale of a business

-

75,727

Net cash used in investing activities

(152,459

)

(182,667

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

1,643,500

1,114,300

Repayment of long-term debt

(1,603,993

)

(1,053,593

)

Payment of debt issuance costs

(15,067

)

(1,047

)

Net payment of notes payable

-

(585

)

Dividends paid

(39,149

)

(37,559

)

Proceeds from stock options exercised

12,177

5,519

Repurchases of common stock

(48,862

)

(60,728

)

Net cash used in financing activities

(51,394

)

(33,693

)

Effect of exchange rate changes on cash and cash equivalents

11,241

12,710

Net change in cash and cash equivalents

(9,983

)

(46,894

)

Cash and cash equivalents at beginning of period

107,213

169,352

Cash and cash equivalents at end of period

$

97,230

$

122,458

More News From H.B. Fuller Company

H. B. Fuller (NYSE:FUL – Get Free Report) is projected to issue its Q3 2026 results after the market closes on Wednesday, September 23rd. Analysts expect H. B. Fuller to announce earnings of $1.47 per share and revenue of $948.2480 million for the quarter. Parties may review the information on the company’s upcoming Q3 2026 earning results page for the latest details on the call scheduled for Thursday, September 24, 2026 at 10:30 AM ET.

H. B. Fuller (NYSE:FUL – Get Free Report) last announced its quarterly earnings results on Thursday, June 25th. The specialty chemicals company reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.37 by $0.04. The company had revenue of $950.27 million during the quarter, compared to analysts’ expectations of $924.83 million. H. B. Fuller had a return on equity of 12.18% and a net margin of 5.29%.The business’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.18 earnings per share. On average, analysts expect H. B. Fuller to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

H. B. Fuller Stock Down 0.1% Shares of H. B. Fuller stock opened at $50.91 on Wednesday. H. B. Fuller has a 12-month low of $48.71 and a 12-month high of $68.63. The company has a quick ratio of 1.12, a current ratio of 1.80 and a debt-to-equity ratio of 1.00. The stock has a 50 day moving average price of $56.68 and a two-hundred day moving average price of $59.09. The stock has a market capitalization of $2.74 billion, a P/E ratio of 15.62, a PEG ratio of 0.55 and a beta of 0.97.

H. B. Fuller Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Thursday, July 30th were issued a dividend of $0.245 per share. This represents a $0.98 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, July 30th. H. B. Fuller’s dividend payout ratio is currently 30.06%. Insider Activity In related news, VP Nathan Weaver sold 9,561 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $62.06, for a total transaction of $593,355.66. Following the transaction, the vice president owned 11,739 shares of the company’s stock, valued at approximately $728,522.34. The trade was a 44.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.83% of the company’s stock.

Analyst Ratings Changes FUL has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of H. B. Fuller from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. The Goldman Sachs Group set a $67.00 target price on shares of H. B. Fuller in a research report on Friday, June 26th. Royal Bank Of Canada set a $58.00 price target on shares of H. B. Fuller in a report on Wednesday, May 27th. Weiss Ratings downgraded H. B. Fuller from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday. Finally, Zacks Research upgraded H. B. Fuller from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 24th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $67.86.

View Our Latest Stock Analysis on FUL

About H. B. Fuller (Get Free Report)

H.B. Fuller Company (NYSE: FUL) develops and manufactures specialty adhesives, sealants and other chemical-based products used in industrial and commercial applications. Its solutions help customers bond, seal, coat and assemble materials across a range of products and manufacturing processes.

The company serves markets including packaging, hygiene and disposable products, construction, transportation, electronics, durable assembly, woodworking, flooring, composites and renewable energy.

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A month has gone by since the last earnings report for H. B. Fuller (FUL - Free Report) . Shares have lost about 11% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is H. B. Fuller due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.

Key highlightsH.B. Fuller logged earnings (as reported) of $1.23 per share for the second quarter of fiscal 2026 (ended May 30, 2026), compared with 76 cents reported a year ago.

Barring one-time items, adjusted earnings for the quarter were $1.41 per share, up 19% year over year. It beat the Zacks Consensus Estimate of $1.37.

The company posted revenues of $950.3 million, up around 6% year over year. It surpassed the Zacks Consensus Estimate of $927 million. Organic growth was up 2.6%.

Adjusted EBITDA was $181 million, up 9% year over year, with a margin of 19.1% versus 18.4% a year ago.

Revenue growth was driven by pricing and currency, offsetting modest volume weakness. Margin expansion in the quarter reflected realized pricing and Quantum Leap restructuring, partially offset by higher variable compensation and currency impacts.

Segment PerformanceHHC: Revenues were $421.9 million with organic revenue up 3% year over year. Adjusted EBITDA was $75.6M (up 22% y/y) with a margin of 17.9%, up 230 basis points (bps). Strength was seen in medical, tape & label and end-of-line packaging, offset by weak flexible packaging.

EA: Revenues were $283.2 million with organic growth of roughly 5% excluding solar exit. Aerospace was up 30% while electronics and general industries rose by double digits. Automotive declined by mid-single digits. Adjusted EBITDA was $63.5 million (flat year over year), with a margin of 22.4% (down 50 bps) due to higher variable comparisons.

BAS: Revenues were $245.2 million with organic growth of 6%. Adjusted EBITDA of $41.4 million rose 10% year over year with a margin of 16.9% (up 20 bps), led by glass and infrastructure/mechanical strength.

Cash Flow, Balance Sheet, Capital AllocationOperating cash flow was $121 million (a second-quarter record), supporting roughly 750,000 share repurchases in the quarter. Net leverage improved to 3.1x. Management continues Quantum Leap restructuring and Project ONE ERP, which are contributing to efficiency and margin gains.

GuidanceThe company expects fiscal 2026 (ex-AMS) net revenues to be up mid-single digits with organic growth of low single digits. Currency impacts are expected to be positive 1-2%.

Adjusted EBITDA is projected to be $650-$675 million. Adjusted earnings per share for fiscal 2026 are now forecast to be $4.60-$4.90.

Cash flow from operations for fiscal 2026 is expected to be in the range of $300 million to $325 million, weighted to the second half.

Net revenues for the fiscal third quarter are projected to rise mid-single digits. The company sees adjusted EBITDA of $180-$190 million for the quarter.

Management expects pricing in high-single-digits in the second half and volumes down low- to mid-single-digits. BAS is positioned for a stronger second half, EA is expected to improve as the solar exit laps, while HHC is more exposed to consumer softness. The proposed AMS acquisition is excluded from fiscal 2026 guidance.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in estimates review.

VGM ScoresAt this time, H. B. Fuller has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock has a score of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise H. B. Fuller has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Key Takeaways FUL is expanding into medical through the proposed Advanced Medical Solutions acquisition to widen its market.FUL saw aerospace rise 30% and electronics post double-digit gains, offsetting weaker automotive demand.FUL used pricing to lift margins despite higher raw material costs, though volume trends remain soft. H.B. Fuller Company (FUL - Free Report) gives investors a focused way to track changing demand in specialty materials. The company is not relying on one end market or one margin lever.

Its current setup rests on three connected trends: deeper exposure to regulated medical markets, solid demand in aerospace and electronics and pricing actions aimed at offsetting inflation and supply disruptions.

H.B. Fuller Pushes Deeper Into MedicalMedical is becoming a more important part of H.B. Fuller’s portfolio. The proposed acquisition of Advanced Medical Solutions would expand the company into tissue bonding adhesives, surgical tapes, dressings and biosurgical products.

The deal is expected to increase H.B. Fuller’s total addressable market by $15 billion to $95 billion. It also supports the company’s goal of reaching an adjusted EBITDA margin of more than 20% by 2028.

This matters because medical demand tends to be more procedure-driven and regulated than many industrial or consumer applications. That can make the business mix less tied to short-cycle demand swings.

3M Company (MMM - Free Report) remains a relevant comparison for investors watching materials innovation across healthcare, electronics and industrial applications. Its breadth shows why higher-specification materials businesses often attract attention when customers need reliability and regulatory know-how.

FUL Benefits From Aerospace and ElectronicsFUL’s growth is not coming from medical alone. In Engineering Adhesives, organic growth was roughly 5% excluding the exit from the lower-margin solar business.

Aerospace was up 30%, while electronics and general industries posted double-digit gains. Those areas are helping offset softness in automotive, where demand remained weaker across regions.

These trends point to the value of higher-performance niches. FUL’s adhesives are tied to applications where reliability, qualification and technical service matter.

Avery Dennison Corporation (AVY - Free Report) is another materials name investors may watch when tracking specialty materials demand. Like FUL, it gives investors exposure to markets where product performance and customer-specific solutions can shape growth.

H.B. Fuller Navigates an Inflation EraPricing remains central to the FUL story. In the second quarter of fiscal 2026, pricing increased net revenues by 3% and more than offset slightly lower volume.

Adjusted gross margin rose 200 basis points to 34.2%, helped by pricing execution and restructuring savings. Adjusted EBITDA increased 9% to $181 million, with adjusted EBITDA margin improving to 19.1%.

The operating backdrop remains unsettled. Nearly 90% of raw materials were higher in the fiscal second quarter versus the first quarter, and more than 50 force majeure events remained in place.

Management expects high-single-digit pricing in the second half. That gives FUL a margin-defense lever, but it also shows that input-cost pressure has not fully eased.

Why FUL Still Needs Better Volume TrendsThe trend story is not a clean cyclical rebound. Volume weakness remains a constraint, especially in more consumer-linked parts of the portfolio.

Flexible packaging stayed soft, and automotive declined by mid-single digits. Management’s fiscal 2026 framework also includes low- to mid-single-digit volume declines in the second half.

That keeps the investment case tied to mix improvement, pricing and restructuring rather than broad volume recovery. FUL can still improve margins, but stronger demand would make the growth profile more balanced.

The solar exit also creates noise in Engineering Adhesives comparisons. As that headwind laps, healthier niches may become easier to see, but the company still needs better volume confirmation.

FUL Screens Well for This Trend SetupThe bottom line is that FUL is participating in attractive specialty materials trends, but the stock still needs a firmer volume backdrop to turn margin resilience into a more decisive growth story.

Shares of FUL have lost 7.2% so far this year against the industry’s 15.7% rise.

Image Source: Zacks Investment Research

FUL currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock also has a VGM Score of A, supported by a Value Score of A and Momentum Score of A. Those scores suggest the stock screens well for investors who focus on valuation and earnings-related momentum. The Growth Score of C keeps the signal more balanced, fitting a company with improving mix and pricing power but uneven end-market demand.

The setup is constructive, not risk-free. FUL’s medical expansion, aerospace and electronics exposure, and pricing execution give the stock useful support, while consumer softness, automotive pressure and input-cost volatility remain key areas to watch.

CompaniesJune 25 (Reuters) - U.S.-based adhesives maker H.B. Fuller (FUL.N), opens new tab will buy Advanced Medical Solutions Group (AMSU.L), opens new tab in a cash ​deal that values the British medical supplier at about £715 ‌million ($942.1 million) including debt, the companies said on Thursday.

The British company's shares rose 15.8% to 278 pence, the highest level since February 2023.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

Here are ​some details:

H.B. Fuller to pay Winsford-based company shareholders 285 ​pence per share, a 35% premium to its May 20 ⁠closing price, the day before the offer period began.

Deal expected ​to close by end of 2026.

H.B. Fuller expects the deal to ​generate about $55 million in annual run-rate synergies by 2031.

Deal marks the latest overseas takeover of a London-listed company amid relatively low UK valuations.

Ends a long ​stretch of private equity interest in AMS, including TA Associates, which ​walked away in May without bidding, as well as reported interest from Bridgepoint.

"As ‌part ⁠of the combined larger medical adhesives platform, AMS and H.B. Fuller will benefit from enhanced commercial, manufacturing and distribution capabilities, which should accelerate the delivery of our strategy and broaden our offering ​to patients in ​the US, ⁠Europe and beyond," Grahame Cook, Chair of AMS, said.

AMS board has unanimously recommended the deal to ​its shareholders.

As of last close, AMS shares have risen ​16% ⁠since H.B. Fuller launched its unsolicited bid on May 20.

In May, activist Ancora urged the Minnesota-based H.B. Fuller to abandon its "irresponsible" pursuit ⁠of AMS ​and conduct a strategic review.

Ancora did not immediately ​offer a response for Reuters' request for comment on the deal. ($1 = 0.7590 pounds)

Reporting by Nithyashree ​R B in Bengaluru; Editing by Subhranshu Sahu and Harikrishnan Nair

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