H.B. Fuller to cut or relocate about 220 jobsStaff Writer | December 12, 2016
H.B. Fuller said it plans to accelerate its growth by restructuring various parts of its business to more closely align with the company's 2020 strategic vision.
Restructuring To deliver 10 percent adjusted EPS growth in 2017
Jim Owens, president and CEO, H.B. Fuller said, "These changes support our plan to deliver 10 percent adjusted EPS growth in 2017 versus 2016 on a comparable 52 week basis. Our fourth quarter numbers are not yet finalized, but we expect results in line with previous guidance."
The restructuring actions will result in restructuring charges of $17 million to $20 million, or $13 million to $16 million after-tax, during the 2017 fiscal year.
These charges will be excluded from the company's adjusted earnings per share. The company expects the program to deliver about $18 million in annual savings, a portion of which will be realized in 2017.
H.B. Fuller plans to provide further financial details concerning the 2016 fiscal year and 2017 guidance during its regularly-scheduled conference call in mid-January. ■