Fuller (H.B.) Co. Nov 11
Standard & Poors, November 2011
Abstract
A global producer of adhesives and sealants. Good geographic, customer, and end-market diversification. Satisfactory EBITDA margins that should benefit from the shift to a more profitable product mix and cost controls. Conservative financial policy. A narrow scope of operations. Vulnerability of results to the cost of petroleum and natural gas-derived raw materials. Significant sales to cyclical construction end markets. The ratings on St. Paul, Minn.-based H.B. Fuller Co. reflect the company's satisfactory business profile, with nearly 5% market share in the global adhesives and sealants industry, and solid cash flow protection measures for the rating. However, Fuller's narrow scope of operations, its exposure to cyclical construction end markets, and competitive pressures from large players (Henkel, Bostik-Findley, and Dow Chemical) are...
Companies mentioned in this report are: Fuller (H.B.) Co.
Action: Review
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Research Type: Full Analysis
Fuller (H.B.) Co.
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