What changed in this filing

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Item 1. Business

2024-01-24 compared with 2023-01-24 · 30 added, 28 removed, 177 unchanged (25% of the section changed)

2 unchanged sentences

As used herein, “H.B.

Fuller”, “we”, “us”, “our”, “management”

Fuller,” “we," “us,” “our,” “management”

or “company”

1 unchanged sentence

Fuller and its subsidiaries unless otherwise indicated.

Where we refer to 2022, 2021 and 2020 herein, the reference is to our fiscal years ended December 3, 2022, November 27, 2021, and November 28, 2020, respectively.

Where we refer to 2023, 2022 and 2021 herein, the reference is to our fiscal years ended December 2, 2023, December 3, 2022, and November 27, 2021, respectively.

We are a leading worldwide formulator, manufacturer and marketer of adhesives, sealants and other specialty chemical products.

Sales operations span 34 countries in North America, Europe, Latin America, the Asia Pacific region, India, the Middle East and Africa.

Sales operations span 35 countries in North America, Europe, Latin America, Asia Pacific, India, the Middle East and Africa.

Industrial adhesives represent our core product offering, which help improve the performance of our customers’

1 unchanged sentence

Customers use our adhesives products in manufacturing common consumer and industrial goods, including food and beverage containers, disposable diapers, medical products, windows, doors, appliances, sportswear, footwear, multi-wall bags, water filtration products, insulation, textiles, automobiles, recreational vehicles, buses, trucks and trailers, marine products, solar energy systems, electronics and products for the aerospace and defense industries.

In addition, we have established a variety of product offerings for residential, commercial and industrial construction markets, including sealing and waterproofing solutions for airports, roads, highways, bridges, and utilities;

pressure-sensitive adhesives, tapes and sealants for the commercial roofing industry; and level-setting products, ready-to-use grouts, mortars, and pressure sensitive adhesives that enable contractors and do-it-yourself consumers to quickly install flooring and tiling applications more reliably and efficiently.

11 unchanged sentences

economic sanctions:

Syria and the Crimea region of the Ukraine. 

Cuba, Iran, North Korea, Syria and the Crimea region of the Ukraine. 

Many of our markets are highly competitive.

12 unchanged sentences

Employees and Labor Relations

As of December 3, 2022, we have approximately 7,000 employees in 45 countries, including approximately 2,500 employees based in the U.S.

Approximately 450 U.S.

As of December 2, 2023, we have approximately 7,200 employees in 45 countries, including approximately 2,600 employees based in the U.S. Approximately 450 U.S.

employees are subject to collective bargaining agreements with various unions.

47 unchanged sentences

We generally avoid sole source supplier arrangements for raw materials.

The majority of our raw materials are petroleum/natural gas based derivatives.

The majority of our raw materials are petroleum/natural gas-based derivatives, therefore the cost of crude oil and natural gas can impact the cost of our raw materials.

Under normal conditions, raw materials are available on the open market.

Prices and availability are subject to supply and demand market mechanisms.

Raw material costs are primarily determined by the balance of supply against the aggregate demand from the adhesives industry and other industries that use the same raw material streams.

The cost of crude oil and natural gas, the primary feedstocks for our raw materials, can also impact the cost of our raw materials.

Risk Factors for a discussion of the effects of the COVID-19 pandemic on raw material cost and availability.

Raw material costs, including costs for unique or specialty chemicals used in the manufacturing of our products, are primarily determined by the balance of supply against the aggregate demand from the adhesives industry and other industries that use the same raw material streams.

Patents, Trademarks and Licenses 

26 unchanged sentences

We comply with applicable federal, state, local and foreign laws and regulations relating to environmental protection and workers' safety, including those required by the U.S.

Environmental Protection Agency (the “EPA”) and the EU’s Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”) regulation.

Environmental Protection Agency (the “EPA”) and the European Union’s ("EU") Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”) regulation.

This includes regular review of and upgrades to environmental, health and safety policies, practices and procedures as well as improved production methods to minimize our facilities’

3 unchanged sentences

Legal Proceedings.

Various legislation, regulations and international accords pertaining to climate change have been implemented or are being considered for implementation, particularly as they relate to the reduction of greenhouse gas emissions, such as the EU's Corporate Sustainability Reporting Directive ("CSRD"), California’s Climate Corporate Data Accountability Act and Climate Related Financial Risk Act, and similar regulations under consideration by the Securities and Exchange Commission ("SEC").

These laws may directly impact the Company, however we have not determined the extent of potential disclosures or other reporting requirements. We continue to monitor the development and implementation of such legislation and regulations.

4 unchanged sentences

We are also subject to and comply with increasingly complex privacy and data protection laws and regulations in the United States and other jurisdictions.

This includes the European Union’s General Data Protection Regulation (“GDPR”), which enforces rules relating to the protection of processing and movement of personal data.

This includes the EU’s General Data Protection Regulation (“GDPR”), which enforces rules relating to the protection of processing and movement of personal data.

The interpretation and enforcement of such regulations are continuously evolving and there may be uncertainty with respect to how to comply with them.

2 unchanged sentences

Information About Our Executive Officers

The following table shows the name, age and business experience for the past five years of the executive officers as of January 6, 2023.

Unless otherwise noted, the positions described are positions with the company or its subsidiaries.

The following table shows the name, age and business experience for the past five years of the executive officers as o f January 16, 2024.

Un less otherwise noted, the positions described are positions with the company or its subsidiaries.

Period Served

1 unchanged sentence

Executive Vice President and Chief Operating Officer 

Chief Executive Officer, PetroChoice Lubrication Solutions 

Chief Executive Officer, Distribution International

Chief Executive Officer, PetroChoice Lubrication Solutions (leading lubricant distributor, providing solutions across the industrial, commercial and passenger vehicle customer segments)

December 2022 - Present

19 unchanged sentences

 April 2018 - October 2021

 Global Business Director, General Industries and Business Director, Cyberbond LLC

 June 2016 - March 2018

Traci L. Jensen

5 unchanged sentences

July 2016 - December 2019

Timothy J. Keenan

Senior Vice President, General Counsel and Corporate Secretary

December 2022 - Present

 Vice President, General Counsel and Corporate Secretary

 December 2006 - December 2022

Shahbaz Malik

2 unchanged sentences

Vice President and Business Leader, North America Distribution, Masonite International Corporation (global residential doors business)

Senior Vice President, Sales, Marketing and Supply Chain, Continental Building Products, Inc.

(North America manufacturer of wallboard and joint compound materials)

Senior Vice President, General Counsel and Corporate Secretary

October 2023 - Present

Vice President, Assistant General Counsel, Securities and Governance, Stanley Black & Decker Inc.

June 2022 - September 2023

Vice President Legal, Stanley Industrial, a division of Stanley Black & Decker, Inc.

(the world’s largest tool company)

October 2020 - June 2022

Vice President and Deputy General Counsel, Safety and Productivity Solutions, Honeywell International, Inc.

November 2019 - October 2020

Vice President and General Counsel, Industrial Safety, Honeywell International, Inc.

(advanced technology company that manufactures aerospace and automotive products;

residential, commercial, and industrial control systems;

specialty chemicals and plastics;

and engineered materials)

October 2018 - November 2019

Senior Vice President, Human Resources

8 unchanged sentences

www.hbfuller.com.

We file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”) via EDGAR.

We file annual, quarterly and current reports, proxy statements and other information with the SEC via EDGAR.

Our SEC filings are available free of charge to the public on the SEC website at www.sec.gov  and on our website as soon as reasonably practicable after they have been filed with or furnished to the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business