UPDATE 1-H.B. Fuller to close more plants, cut jobs

Thu May 31, 2012 7:43am EDT

* To close plants in UK, Germany, Spain, Italy, Austria

* Plans to cut 100 jobs

May 31 (Reuters) - Specialty chemicals maker H.B. Fuller Co on Thursday said it would close five more manufacturing plants and cut about 100 jobs as part of its integration with Switzerland-based Forbo's industrial adhesives business.

H.B. Fuller last month said it will close six manufacturing facilities and cut about 130 jobs in North America.

The company employs 3,530, it said in a regulatory filing in January.

H.B. Fuller will close its facilities in the UK, Germany, Spain, Italy and Austria in the next two years, the company said in a statement.

H.B. Fuller agreed to buy Forbo's industrial adhesives business for $395 million in cash in December to bulk up its presence in Europe.

H.B. Fuller also said it plans to invest about $90 million in Europe, India, the Middle East and Africa (EIMEA) and Asia-Pacific in the next three years to improve profitability.

It expects to raise its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin to 15 percent by 2015.

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