(RTTNews) - H.B. Fuller Co. (FUL) said that it plans to close three manufacturing facilities and redistribute production across the network to improve efficiency, as part of a strategic restructuring.
The company said its recent acquisition of Beardow Adams prompted the restructuring actions.
The restructuring actions will be initiated in the third quarter of fiscal year 2023 and are expected to be completed in fiscal year 2026.
The company expects the restructuring actions to result in on-going annualized cost savings of about $20 million. It expects most of the restructuring costs and savings to be recognized in fiscal 2024.
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