Activist investor Ancora Holdings Group has publicly called on the board of H.B. Fuller, a US specialty adhesives maker, to review strategic alternatives, alleging value-destructive decisions by management. Ancora said it had privately offered to acquire H.B. Fuller's Building Adhesive Solutions segment for cash worth over 40% of the company's current equity value, an offer that was rejected, and it flagged a debt-increasing overseas acquisition and the company's classified board structure.
Why this mattersA forced portfolio review or divestment at a major adhesives supplier could reshape sourcing dynamics and consolidation across the materials tier that packaging converters depend on.
- Ancora Holdings Group sent a public letter dated 24 September 2026 to H.B. Fuller's board demanding a strategic review
- Ancora said it had offered to buy H.B. Fuller's Building Adhesive Solutions segment for cash worth more than 40% of the company's current equity value, an offer it said was rejected
- Ancora cited a roughly 40% stock performance gap between Ashland and H.B. Fuller since 15 May 2026, sourced from FactSet
- Ancora criticised H.B. Fuller's classified board and an overseas acquisition it said increased debt load
- Ancora said it expects H.B. Fuller may offer limited concessions such as non-renomination of long-tenured directors in 2027 or phased board declassification
- Ancora reached a cooperation agreement with Ashland within about one month of engagement, adding two directors to that board
H.B. Fuller reaffirmed that its pending acquisition of medical technology group Advanced Medical Solutions is expected to close before the end of 2026, and confirmed plans to cut manufacturing sites from 82 in 2024 to about 62 by year-end, with 55 as the long-term target. The US adhesives maker, which supplies packaging, hygiene and industrial markets, reported fiscal Q3 2026 net revenue up 5.2% to USD 938m and adjusted EBITDA up 9% to USD 187m, with pricing offsetting weaker volumes and raw-material inflation. Full-year adjusted EBITDA guidance was set at USD 655m-670m.
Why this mattersA key adhesives supplier to packaging converters is redirecting capital toward medical technology while cutting its manufacturing footprint by a quarter.
- Pending acquisition of Advanced Medical Solutions expected to close before the end of 2026
- Manufacturing sites to fall from 82 in 2024 to about 62 by end 2026, with a long-term target of 55
- Q3 2026 net revenue rose 5.2% year on year to USD 938m
- Adjusted EBITDA rose 9% to USD 187m, with margin up 80 basis points to 19.9%
- Adjusted EPS rose 21% to USD 1.52
- Fiscal 2026 adjusted EBITDA guidance set at USD 655m-670m
H.B. Fuller has named Huhtamaki a winner of its 2026 Customer Innovation Award for ProDairy, a paper-based dairy cup that cuts polyethylene content by moving from a two-layer PE coating to a single poly-coating. The cup uses an H.B. Fuller varnish to provide moisture and abrasion protection without an external PE layer, and is described as commercially scalable. Winners will be recognised at an event on 29 September 2026.
Why this mattersA single-poly-coated paper cup that keeps moisture barrier performance points to a route for dairy packaging to cut plastic use and improve recyclability.
- Huhtamaki's ProDairy cup cuts polyethylene content from a 2PE structure to a single poly-coating
- The design uses an H.B. Fuller high-performance varnish in place of the external PE layer while protecting against moisture and abrasion
- H.B. Fuller describes the solution as commercially scalable and aimed at products stored in chilled conditions
- Winners of the 2026 Customer Innovation Award will be recognised at an event on 29 September 2026
