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HB FULLER CO (FUL)
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HB Fuller : H.B. Fuller Elects Daniel Florness to Board of Directors

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07/12/2018 | 07:20pm CEST

H.B. Fuller Elects Daniel Florness to Board of Directors

ST. PAUL, Minn., July 12, 2018 (GLOBE NEWSWIRE) -- H.B. Fuller Company (NYSE:FUL) today announced that Daniel L. Florness was elected as an independent member to its board of directors, effective July 11, 2018. Florness' position expands the board to 10 directors, nine of whom are independent.

Florness is the president and chief executive officer of Fastenal Company. 'I am pleased to welcome Dan to the H.B. Fuller board of directors,' said Lee Mitau, chairman, H.B. Fuller board of directors. 'He is an experienced leader who brings deep knowledge and understanding of corporate strategy, and he will enable us to achieve our growth and profitability goals and to deliver long-term value to our shareholders.'

Florness was named president and chief executive officer of Fastenal Company in 2015. He is a 22-year company veteran who previously served as chief financial officer from 1996 to 2015. During that time and in addition to leading Fastenal's financial strategy and processes, he oversaw a portion of the company's manufacturing division, its product development and procurement, and its national accounts business. From 2002 until 2015, he also served as executive vice president. During Florness' tenure, Fastenal has grown from a $250 million business with operations in two countries to a $4.4 billion global entity with a direct presence in 24 countries. Throughout his career, he has interacted extensively with its Board of Directors, including the Audit, Compensation and Nominating committees. Prior to Fastenal, he spent 10 years with accounting firm, KPMG LLP.

'Dan is a strong leader with a strategic focus on the customer,' said Jim Owens, H.B. Fuller president and chief executive officer. 'His keen financial insight, coupled with his experience growing a successful global business, will greatly enhance our board. I am confident that Dan will be a great asset as we continue to drive our strategic growth plans.'

'H.B. Fuller has a solid growth strategy,' said Florness. 'I am pleased to be able to share my experience in global business expansion and profitable growth, and support H.B. Fuller's continued success.'

Florness serves on the boards of Fastenal Company, PlastiComp, Inc., and Gundersen Health System. He also has served on several community boards, including National FFA Sponsors ('Future Farmers of America,' Indianapolis, IN), American Red Cross (Winona, MN), and the Winona Community Foundation. He holds a BS in Accounting from the University of Wisconsin at River Falls.

About H.B. Fuller Company:
Since 1887, H.B. Fuller has been a leading global adhesives provider focusing on perfecting adhesives, sealants and other specialty chemical products to improve products and lives. With fiscal 2017 proforma net revenue of $2.9 billion, H.B. Fuller's commitment to innovation brings together people, products and processes that answer and solve some of the world's biggest challenges. Our reliable, responsive service creates lasting, rewarding connections with customers in electronics, disposable hygiene, medical, transportation, aerospace, clean energy, packaging, construction, woodworking, general industries and other consumer businesses. And, our promise to our people connects them with opportunities to innovate and thrive. For more information, visit us at www.hbfuller.com.

Kimberlee Sinclair
Global Communications
+1 651 236 5823
kimberlee.sinclair@hbfuller.com

Maximillian Marcy
Investor Relations
+1 651 236 5062
max.marcy@hbfuller.com

Source: H.B. Fuller Company

Disclaimer

H.B. Fuller Company published this content on 12 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 July 2018 17:19:02 UTC

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Financials ($)
Sales 2018 3 116 M
EBIT 2018 312 M
Net income 2018 182 M
Debt 2018 2 075 M
Yield 2018 0,98%
P/E ratio 2018 16,31
P/E ratio 2019 14,70
EV / Sales 2018 1,59x
EV / Sales 2019 1,46x
Capitalization 2 895 M
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Number of Analysts 8
Average target price 61,6 $
Spread / Average Target 7,7%
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Managers
NameTitle
James J. Owens President, Chief Executive Officer & Director
Lee R. Mitau Non-Executive Chairman
John J. Corkrean Chief Financial Officer & Executive Vice President
Ebrahim Rezai Chief Technology & Innovation Officer, VP
J. Michael Losh Independent Director
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