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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Jim Spitz who wrote (37538)	1/15/2002 8:18:40 AM
From: Jim Spitz	Read Replies (1) \| Respond to of 37746

H.B. Fuller to cut capacity 20% as fourth-quarter sales fall Bloomberg News Published Jan 15 2002 H.B. Fuller Co., which makes adhesives and sealants, said Monday it will eliminate 20 percent of its production capacity as fourth-quarter sales fell 11 percent from a year ago. Net income for the quarter ended Dec. 1 fell 9.6 percent to $12.9 million, or 46 cents a share, from $14.3 million, or 50 cents, a year ago, the company said in a news release. Sales fell to $322.9 million from $364.2 million. Fourth-quarter sales were hurt by a decline in demand from the company's customers in the automotive and durable goods industries, which have been cutting output in response to the slumping economy, spokesman Scott Dvorak said. The company won't disclose how many jobs will be affected until it has informed its employees, he said. Vadnais Heights-based Fuller hopes to save $10 million to $12 million a year by eliminating capacity in Europe, Latin America and North America. It will record $30 million to $35 million in pretax costs related to the restructuring, $1.6 million of which it posted in the fourth quarter. Fuller shares fell $1.09 to $27.61.