01:47 PM EST, 12/02/2024 (MT Newswires) -- H.B. Fuller ( FUL ) said Monday it has sold its flooring business to Pacific Avenue Capital Partners for $80 million and plans to form a new global business unit to be called Building Adhesive Solutions, starting in fiscal 2025.

The new unit will consist of the company's insulated glass, woodworking, composite, roofing, and building envelope and infrastructure segments, H.B. Fuller ( FUL ) said, adding these segments generated about $850 million in revenue and $130 million in adjusted earnings before interest, taxes, depreciation, and amortization in fiscal 2024.

The company also said the sale of its flooring business will reduce annual revenue by $160 million and adjusted EBITDA by $15 million.

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