H.B. Fuller Company (NYSE: FUL) announced today that it has strengthened its foothold in Turkey by signing a definitive agreement to enter into a joint venture with Burak Özberk, its longstanding agent there. A new entity will be created, with H.B. Fuller owning majority control.
"This agreement is a continuation of our commitment to invest in geographies that offer strong growth potential," said Jim Owens, H.B. Fuller president and chief executive officer. "Our collaboration with Mr. Özberk and his team over a period of nearly 10 years has created a solid market position in Turkey, and through this joint venture H.B. Fuller will further enhance customer support and deepen relationships in that region. This fits with our overall strategy to build on our success around the globe, and expand our footprint in key market segments through strategic investments."
Through this new local entity H.B. Fuller will better support customers and further solidify its presence in this important and emerging market. The new company will provide a base for developing an even stronger local commercial team, local logistics support and the potential for local manufacturing in the future.
The results of the newly created entity will be reported in the company's Europe, India, Middle East and Africa (EIMEA) segment. H.B. Fuller expects the new entity to be fully operational within the next six months.
About H.B. Fuller Company:
For more than 120 years, H.B. Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants, paints and other specialty chemical products to improve products and lives. Recognized for unmatched technical support and innovation, H.B. Fuller brings knowledge and strength to help its customers find precisely the right formulation for the right performance. With fiscal 2009 net revenue of $1.235 billion, H.B. Fuller serves customers in packaging, hygiene, paper converting, general assembly, woodworking, construction, and consumer businesses. For more information, visit HBFuller.com, HBFullerStrength.com, read our blog or follow GlueTalk on Twitter.