Coatings World - June 2017

refinishers who train here not
only receive the best possible
course experience and return to
their body shops with self-con-
fidence and skills, but also learn how to
work as efficiently as possible.”
The Axalta Refinish Academy
Nordic has been specially designed for
maximum energy savings and to meet
future environmental requirements.

Participants visiting the Academy for
training courses will discover three
training rooms for effective learning
and team building, two cutting edge
spray booths, and three mixing rooms,
one for each of the three refinish brands.
The Academy also boasts a comfort-
able lounge area, decorated with true
Scandinavian flair, where course del-
egates can relax or talk with colleagues.

H.B. Fuller Company
Acquires Wisdom
Worldwide Adhesives

H.B. Fuller Company has purchased the industrial adhesives business of Wisdom Worldwide Adhesives, a provider of adhesives for the packaging, paper converting, and assembly markets.

“We are pleased to welcome the em-
ployees and customers of this 140 year
old company to H.B. Fuller. Wisdom’s
highly successful go-to-market strategy,
based on a focused product line, ultra-
fast delivery and virtual service, will
complement H.B. Fuller’s full value so-
lutions. The acquisition will strengthen
our leading position in this market seg-
ment within the Americas adhesive busi-
ness,” said Jim Owens, president and
CEO, H.B. Fuller. “The combination of
H.B. Fuller and Wisdom provides sig-
nificant cost synergy opportunities com-
bined with some growth opportunities
related to the complementary operating
model and customer bases of the two
companies. This acquisition will enhance
and strengthen the delivery of our 2020
strategic plan commitments.”
Founded in 1875, Wisdom has been
privately owned and operated by five
consecutive generations of the Wisdom
family and is headquartered in Elgin,
Illinois. The company generated revenue
and EBITDA of approximately $100
million and $11 million, respectively, in
fiscal 2016. The business was purchased
for $122 million and is expected to gen-
erate annual run rate synergies of ap-
proximately $6 million starting in 2018,
which would make the purchase price
multiple equal to approximately seven
times Wisdom’s fiscal 2016 EBITDA on
a post-synergy basis. H.B. Fuller expects
the transaction to be modestly accretive
to earnings in the first year. The business
will be included in H.B. Fuller’s Americas
Adhesives operating segment.