US-based H.B. Fuller Company has acquired the industrial adhesives business of Wisdom Worldwide Adhesives, for $122m.

Wisdom Worldwide Adhesives, which provides adhesives for the packaging, paper converting and assembly markets, will be integrated with H.B. Fuller’s Americas Adhesives operating segment.

From next year onward, the deal is expected to generate annual run-rate synergies of around $6m for H.B. Fuller.

H.B. Fuller president and CEO Jim Owens said: “Wisdom’s highly successful go-to-market strategy, based on a focused product line, ultra-fast delivery and virtual service, will complement H.B. Fuller’s full value solutions.

“The acquisition will strengthen our leading position in this market segment within the Americas adhesive business.

"This acquisition will enhance and strengthen the delivery of our 2020 strategic plan commitments."

“The combination of H.B. Fuller and Wisdom provides significant cost synergy opportunities combined with some growth opportunities related to the complementary operating model and customer bases of the two companies. This acquisition will enhance and strengthen the delivery of our 2020 strategic plan commitments.”

H.B. Fuller has been providing adhesives, sealants and other specialty chemical products for the packaging, electronics, disposable hygiene, medical, transportation and clean energy sectors.

In June 2016, the company entered an agreement to purchase Cyberbond, which provides industrial adhesives for the electronics, medical, audio equipment, automotive and structural markets.

The deal was aimed to expand H.B. Fuller’s technology portfolio and its presence in North America and Europe.