H.B. Fuller is a global manufacturer and formulator of industrial adhesives, sealants, and specialty chemical products, operating in over 30 countries. The company sells into a wide range of end markets — hygiene and consumer goods (diapers, packaging, labels), durable goods (automotive, electronics, aerospace, medical devices), and construction (commercial roofing, insulating glass, infrastructure). H.B. Fuller sells directly to manufacturers through a direct sales force supported by technical service teams, with no single customer exceeding 10% of revenue. The company operates through three segments: Hygiene, Health and Consumable Adhesives (the largest by revenue, lowest-margin); Engineering Adhesives (highest-margin, serving automotive, electronics, and aerospace); and Building Adhesive Solutions (construction-focused, mid-margin). H.B. Fuller's core economics are driven by the spread between specialty formulation pricing and raw material costs (primarily petroleum and natural gas derivatives), volume leverage on a largely fixed cost base, and mix shift toward higher-margin, technically differentiated applications. A structural advantage is that H.B. Fuller produces roughly 90-97% of what it sells in each region locally, reducing FX and tariff exposure. Bolt-on M&A is a core part of the model — the company acquires small specialized adhesive businesses at roughly 10-15x pre-synergy EBITDA and targets post-synergy multiples of 4-6x through integration and geographic expansion. Management is also executing a manufacturing footprint consolidation targeting roughly $75M in annualized cost savings by closing facilities from 82 down to 55 by 2030.