ST. PAUL, Minn., April 2, 2020 /PRNewswire/ -- H.B. Fuller Company
(NYSE: FUL) announced today that its Board of Directors declared a
regular quarterly cash dividend of $0.1625 per share of common stock. The dividend
is payable on April 30, 2020 to
shareholders of record at the close of business on April 16, 2020. This represents a 1.6% increase
over the prior quarterly dividend and marks the 51st
consecutive year in which the Company has increased its
dividend.
"Today's announcement that we are increasing our dividend
for the 51st consecutive year demonstrates our
confidence in the resiliency of our cash flows," said Jim Owens, president and chief executive
officer. "As a global leader in adhesives, H.B. Fuller plays an
important role in the supply of essential hygiene, health, and
consumer products in the fight against COVID-19, and we are using
our vast global resources to meet increased demand for these
products. Our operating plans also anticipate negative impacts of
the pandemic in other areas of our business. Reduced working
capital, the diversity of our products and end markets, and our
operating agility are expected to drive continued strong cash flow
performance in 2020. We have more than adequate liquidity, and the
fundamentals of our business strategy remain solidly intact."
About H.B. Fuller
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 2019 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
https://www.hbfuller.com/
Safe Harbor for Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
subject to various risks and uncertainties, including but not
limited to the following: the consequences of the COVID-19 outbreak
and other pandemics; the substantial amount of debt we have
incurred to finance our acquisition of Royal, our ability to repay
or refinance it or incur additional debt in the future, our need
for a significant amount of cash to service and repay the debt and
to pay dividends on our common stock, and the effect of
restrictions contained in our debt agreements that limit the
discretion of management in operating the business or ability to
pay dividends; various risks to stockholders of not receiving
dividends and risks to our ability to pursue growth opportunities
if we continue to pay dividends according to the current dividend
policy; we may be unable to achieve expected synergies, cost
savings and operating efficiencies from the Royal transaction or
the business realignment within the expected time frames or at all;
we may be unable to successfully integrate Royal's operations into
our own, or such integration may be more difficult, time consuming
or costly than expected; the ability to effectively implement
Project ONE; political and economic conditions; product demand;
competitive products and pricing; costs of and savings from
restructuring initiatives; geographic and product mix; availability
and price of raw materials; the company's relationships with its
major customers and suppliers; changes in tax laws and tariffs;
devaluations and other foreign exchange rate fluctuations; the
impact of litigation and environmental matters; the effect of new
accounting pronouncements and accounting charges and credits; and
similar matters. Many of the foregoing risks and uncertainties are,
and will be, exacerbated by COVID-19 and any worsening of the
global business and economic environment as a result.
Further information about the various risks and uncertainties
can be found in the company's SEC 10-K filing for the fiscal year
ended November 30, 2019. All
forward-looking information represents management's best judgment
as of this date based on information currently available that in
the future may prove to have been inaccurate. Additionally, the
variety of products sold by the company and the regions where the
company does business make it difficult to determine with certainty
the increases or decreases in net revenue resulting from changes in
the volume of products sold, currency impact, changes in product
mix, and selling prices. However, managements' best estimate of
these changes as well as changes in other factors have been
included.
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SOURCE H.B. Fuller Company