H.B. Fuller Co. said Wednesday that it will acquire 95 percent of the Chinese firm Tonsan Adhesive Inc. for $230 million in cash, while four founding shareholders of Tonsan will retain 5 percent ownership.
Also Wednesday, the Vadnais Heights-based maker of adhesives, sealants and other chemical products met second-quarter adjusted earnings expectations of 78 cents a share.But revenue of $544 million fell slightly below the $545.2 million Wall Street was expecting.
In addition, Fuller lowered its full-year adjusted earnings outlook to $2.80 to $2.95 per share from the previous $3 to $3.15 per share. The new outlook is below the $3.07 per share Wall Street had been expecting.
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