H.B. Fuller To Cut Or Relocate About 220 Jobs Globally Under Restructuring Plan

(RTTNews) - H.B. Fuller Co. (FUL) said it plans to accelerate its growth by restructuring various parts of its business to more closely align with the company's 2020 strategic vision.

The company noted that the restructuring initiative will include the elimination or relocation of about 220 positions globally by early 2017 across various businesses and functions at the company, along with other product line and operations enhancements and efficiencies.

Jim Owens, president and CEO, H.B. Fuller said, "These changes support our plan to deliver 10 percent adjusted EPS growth in 2017 versus 2016 on a comparable 52 week basis. Our fourth quarter numbers are not yet finalized, but we expect results in line with previous guidance."

The restructuring actions will result in restructuring charges of $17 million to $20 million, or $13 million to $16 million after-tax, during the 2017 fiscal year.

These charges will be excluded from the company's adjusted earnings per share. The company expects the program to deliver about $18 million in annual savings, a portion of which will be realized in 2017.

H.B. Fuller plans to provide further financial details concerning the 2016 fiscal year and 2017 guidance during its regularly-scheduled conference call in mid-January.