FULLER H B CO (FUL): restructuring charge — H.B. Fuller approves $20M restructuring plan to integrate Beardow Adams acquisition

On July 17, 2023, H.B. Fuller Company (the “Company”) approved a restructuring plan (the “Plan”) related to the integration of our acquisition of Beardow Adams Holdings Ltd. The Plan is in addition to the previously disclosed restructuring plan approved on March 27, 2023. In implementing the Plan, the Company currently expects to incur costs of approximately $20 million ($15 million after tax), which includes (i) cash expenditures of approximately $11 million ($8 million after tax) for severance and related employee costs globally and (ii) approximately $9 million ($7 million after tax) of other restructuring costs related to the consolidation and optimization of production facilities, streamlining of processes, accelerated depreciation of long-lived assets and the payment of anticipated income taxes in certain jurisdictions related to the Plan. The Plan will be initiated in the third quarter of fiscal year 2023 and is currently expected to be completed in fiscal year 2026.