H.B. Fuller Company (NYSE:FUL), a global leader in adhesives and sealants with annual revenues of $3.55 billion, today reported an upcoming change in its executive ranks. Zhiwei Cai, the firm's Executive Vice President of Engineering Adhesives, has announced his retirement effective March 1, 2025.
Mr. Cai's departure was disclosed in a Form 8-K filed with the Securities and Exchange Commission. The company recognized Mr. Cai for his twelve years of service, during which he contributed significantly to the Engineering Adhesives division, and expressed gratitude for his commitment and exceptional service.
The announcement did not include details regarding a successor. The company's statement in the SEC filing simply wished Mr. Cai well in his future endeavors, indicating a positive and amicable transition.
H.B. Fuller, headquartered in St. Paul, Minnesota, specializes in the manufacturing of adhesives and sealants for industrial applications. The company is incorporated in Minnesota and has been listed on the New York Stock Exchange under the ticker symbol FUL.
This reporting is based on the latest information available from a press release statement.
In other recent news, H.B. Fuller has made noteworthy strides in its operations and strategic direction.
The company reported a 6% rise in adjusted EBITDA to $165 million in the third quarter of 2024, with its revised 2024 guidance indicating net revenue growth of approximately 2%, adjusted EBITDA between $610 million and $620 million, and adjusted diluted EPS projected to be between $4.10 and $4.20.
H.B. Fuller also announced the sale of its Flooring unit to Pacific Avenue Capital Partners (WA:CPAP), expected to generate about $80 million. Simultaneously, the company acquired two medical adhesive technology companies, GEM and Medifill, for a combined total of €180 million. These acquisitions are projected to contribute a combined net revenue of €23 million and adjusted EBITDA of €11.5 million in 2024.
Citi analysts adjusted their stock price target for H.B. Fuller to $85.00 from $83.00, maintaining a Neutral rating. The firm also updated its models for fiscal years 2025 and 2026 to accommodate the recent deal and re-segmentation effects on H.B. Fuller.
Leadership changes include Teresa J. Rasmussen succeeding Lee R. Mitau as Chair of the Board of Directors in 2025 and the announced retirement of Traci L. Jensen, the company's Executive Vice President and Chief Administrative Officer, effective November 2024.
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