- --------------------------------------------------------------------------------

                      SECURITIES AND EXCHANGE COMMISSION

                             Washington, DC  20549

                                   FORM 10-K

                 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended
November 30, 1996                                  Commission File No.  0-3488


                             H. B. FULLER COMPANY
                            A Minnesota Corporation
                  IRS Employer Identification No. 41-0268370
         1200 Willow Lake Boulevard, Vadnais Heights, Minnesota 55110
                          Telephone - (612) 415-5900

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:

                              Common Stock (par value of $1.00 per share)

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.      
                -----
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                              Yes  X   No
                                 -----   -----

As of January 31, 1997, 14,087,166 Common Shares were outstanding and the
aggregate market value of the Common Shares held by non-affiliates of the
Registrant on that date was approximately $651,278,000.

                      DOCUMENTS INCORPORATED BY REFERENCE

Parts I, II and IV incorporate information by reference from the H. B. Fuller
Company 1996 Annual Report to Stockholders.

Part III incorporates information by reference from the Registrant's Proxy
Statement dated March 5, 1997.

- --------------------------------------------------------------------------------

                                      -1-

 
                             H. B. FULLER COMPANY
                         1996 Form 10-K Annual Report
                               Table of Contents
 
                                                                          Page
                                                                          ----
                                    PART I
                                    ------
 
Item 1.    Business                                                            3
 
Item 2.    Properties                                                          6
 
Item 3.    Legal Proceedings                                                   7
 
Item 4.    Submission of Matters to a Vote of Security Holders                 9
                                                 
 
           Executive Officers of the Registrant                               10
 
                                    PART II
                                    -------
 
Item 5.    Market for the Registrant's Common Stock and
             Related Stockholder Matters                                      11
 
Item 6.    Selected Financial Data                                            11
 
Item 7.    Management's Discussion and Analysis of Financial
             Condition and Results of Operations                              11
 
Item 8.    Financial Statements and Supplementary Data                        11
 
Item 9.    Change in and Disagreements with Accountants on
             Accounting and Financial Disclosure                              11
 
                                   PART III
                                   --------
 
Item 10.   Directors and Executive Officers of the Registrant                 11
                                               
 
Item 11.   Executive Compensation                                             11
 
Item 12.   Security Ownership of Certain Beneficial Owners and Management     11
                                          
 
Item 13.   Certain Relationships and Related Transactions                     11
 
                                    PART IV
                                    -------
 
Item 14.   Exhibits, Financial Statement Schedules and Reports on Form 8-K    12
                                           
 
           Signatures                                                         15

                                      -2-

 
                                    PART I
Item 1.

Business
- --------

Founded in 1887 and incorporated as a Minnesota corporation in 1915, H.B. Fuller
Company today is a worldwide manufacturer and marketer of adhesives, sealants,
coatings, paints and other specialty chemical products.  The Company currently
employs approximately 5,900 people and has sales operations in 42 countries in
North America, Europe, Latin America and the Asia/Pacific region.

The Company's largest worldwide business category is adhesives, sealants and
coatings, which generated more than 88 percent of 1996 sales.  These products,
in thousands of formulations, are sold to customers in a wide range of
industries, including packaging, woodworking, automotive, aerospace, graphic
arts (books/magazines), appliances, filtration, windows, sporting goods,
nonwovens, shoes and ceramic tile.

H.B. Fuller also is a quality producer and supplier of powder coatings to metal
finishing industries; commercial and industrial paints in Latin American
markets; specialty waxes in European markets, as well as mastics and coatings
for thermal insulation, indoor air quality and asbestos abatement applications
in the U.S.

Segment Information
- -------------------

For financial information relating to major geographic areas of H. B. Fuller,
see Note 14, "Business Segment Information", on page 35 of the Company's 1996
Annual Report to Stockholders, incorporated herein by reference.

Line of Business and Classes of Similar Products
- ------------------------------------------------

The Company is engaged in one line of business, the manufacturing of specialty
chemical products which includes formulating, compounding and marketing
adhesives, sealants and coatings, paints, specialty waxes and related chemicals.

The following tabulation sets forth information concerning the approximate
contribution to consolidated sales of the Company's classes of products:

   Class of Product                                       Sales
                                           -------------------------------------
                                            1996          1995             1994
                                           ------        ------           ------

   Adhesives, sealants and coatings            88%           87%             86%
   Paints                                       7             7               7
   Other                                        5             6               7
                                           ------        ------           -----
                                              100%          100%            100%
                                           ======        ======           =====

                                      -3-

 
Non-U.S. Operations
- -------------------

Wherever feasible, H. B. Fuller's practice has been to establish manufacturing
units outside of the United States to service the local markets.  The principal
markets, products and methods of distribution in the non-U.S. business vary with
the country or business practices of the country.  The products sold include not
only those developed by the local manufacturing plants but also those developed
within the United States and elsewhere in the world.

The Company's operations overseas face varying degrees of economic and political
risk.  At year-end 1996, the Company had plants in 31 countries outside the
United States and satellite sales offices in another ten countries and license
agreements used to maintain a worldwide manufacturing network.  In the opinion
of management, there are several countries where the Company has operating
facilities which have political risks higher than in the United States.  Where
possible, the Company insures its physical assets against damage from civil
unrest.

Competition
- -----------

The Company encounters a high degree of competition in the marketing of its
products.  Because of the large number and variety of its products, the Company
does not compete directly with any one competitor in all of its markets.  The
Company competes with several large firms as well as many smaller local,
independent firms.  In North America there are a large number of competitors.
Since adhesives of all types are widely used, it is not possible to identify a
few competitors who would represent the major competition.

In Latin America, the Company experiences substantial competition in marketing
its printing inks and industrial adhesives.  In Central America, it is a major
factor in the industrial adhesives market and, along with several other large
paint manufacturing firms, in the residential paint market.  In Europe, the
Company is a large manufacturer of adhesives and specialty waxes and competes in
certain areas of this market with several large companies.

The principal competitive factors in the sale of adhesives, paints, coatings and
sealants are product performance, customer and technical service, quality, and
price.

Customers
- ---------

Of the Company's $1,275,716,000 total sales to unaffiliated customers in 1996,
$733,683,000 was sold through North American operations.  The Company's largest
customer accounts for less than 5% of consolidated sales.

Backlog
- -------

Orders for the Company's products are generally processed within one week.
Therefore, the Company had no significant backlog of unfilled orders at November
30, 1996, 1995 or 1994.

                                      -4-

 
Raw Materials
- -------------

The Company purchases from large chemical suppliers raw materials including
solvents, plasticizers, waxes, resins, polymers and vinyl acetate monomer which
the Company uses to manufacture its principal products.  Natural raw materials
are also purchased from outside suppliers and include starch, dextrines, natural
latex and resins.  The Company attempts to find multiple sources for all of its
raw materials and alternate sources of supply are generally available.  An
adequate supply of the raw materials used by the Company is presently available
in the open market.  The Company's Latin American operations import many of
their raw materials.  Extended delivery schedules of these materials are common,
thereby requiring maintenance of higher inventory levels than those maintained
in North America and Europe.

A significant portion of the Company's raw materials are derived from petroleum-
based products and this is common to all adhesive manufacturers.

The Company is not a large consumer of energy and, therefore, has not
experienced any difficulties in obtaining energy for its manufacturing
operations.  It anticipates it will be able to obtain needed energy supplies in
the future.

Patents, Trademarks and Licenses
- --------------------------------

Much of the technology used in the manufacturing of adhesives, coatings and
other specialty chemicals is in the public domain.  To the extent that it is
not, the Company relies on trade secrets and patents to protect its know-how.
The Company has agreements with many of its employees for the purpose of
protecting the Company's rights to technology and intellectual property.  The
Company also routinely obtains confidentiality commitments from customers,
suppliers and others to safeguard its proprietary information. Company
trademarks such as HB Fuller(R), Kativo(R), Protecto(R) and Rakoll(R) are of
continuing importance in marketing its products.

Research and Development
- ------------------------

The Company conducts research and development activities in an effort to improve
existing products and to design new products and processes.  The Company's
research and development expenses during 1996, 1995 and 1994 aggregated
$25,823,000, $26,541,000, and $23,624,000, respectively.

Environmental
- -------------

The Company regularly reviews and upgrades its environmental policies, practices
and procedures and seeks improved production methods that reduce waste,
particularly toxic waste, coming out of its facilities, based upon evolving
societal standards and increased environmental understanding.

The Company's high standards of environmental consciousness are supported by an
organizational program supervised by environmental professionals and the
Worldwide Environment, Health and Safety Committee, a committee with management
membership from around the world which proactively monitors practices at all
facilities.  Company practices are often more stringent than local government
standards.  The Company integrates environmental programs into operating
objectives, thereby translating philosophy into every day practice.

                                      -5-

 
The Company believes that as a general matter its current policies, practices
and procedures in the areas of environmental regulations and the handling of
hazardous waste are designed to substantially reduce risks of environmental and
other damage that would result in litigation and financial liability.  Some risk
of environmental and other damage is, however, inherent in particular operations
and products of the Company, as it is with other companies engaged in similar
businesses.

The Company is and has been engaged in the handling, manufacture, use, sale
and/or disposal of substances, some of which are considered by federal or state
environmental agencies to be hazardous.  The Company believes that its
manufacture, handling, use, sale and disposal of such substances are generally
in accord with current applicable environmental regulations.  Increasingly
strict environmental laws, standards, and enforcement policies may increase the
risk of liability and compliance costs associated with such substances.

Environmental expenditures, reasonably known to management, to comply with
environmental regulations over the Company's next two fiscal years are estimated
to be approximately $12.0 million.  The effects of compliance with environmental
laws and regulations are not expected to be material to the Company's
consolidated capital expenditures, earnings, or competitive position.  See
additional disclosure under Item 3, Legal Proceedings.

Employees
- ---------

H. B. Fuller Company and consolidated subsidiaries employed approximately 5,900
persons on November 30, 1996, of which approximately 2,200 persons were employed
in the United States.

Item 2.

Properties
- ----------

The principal manufacturing plants and other properties are located in 32
countries:
                                U.S. Locations
                                --------------
California                                  Michigan
   Chatsworth                                   Grand Rapids
   Los Angeles (1 owned, 1 leased)              Warren (1 owned, 1 leased)
   Roseville                                Minnesota
Florida                                         Minneapolis and St. Paul
   Gainesville                                  (7 owned, 1 leased)
   Pompano Beach                            New Jersey - Edison
Georgia                                         (1 owned, 1 leased)
   Conyers*                                 North Carolina - Greensboro
   Covington                                Ohio
   Forest Park                                  Cincinnati*
   Tucker                                       Dayton
Illinois                                    Tennessee - Memphis*
   Palatine                                 Texas
   Tinley Park                                  Dallas
Indiana - Elkhart                               Fort Worth
Kansas - Kansas City                            Houston
Kentucky - Paducah                          Washington - Vancouver
Massachusetts - Wilmington

*Leased properties

                                      -6-

 
                                    Other Locations
                                    ---------------
Argentina - Buenos Aires                     Honduras                        
Australia                                       San Pedro Sula (2 owned)     
   Melbourne                                    Tegucigalpa                  
   Sydney*                                   Italy - Borgolavezzaro          
Austria - Wels                               Japan - Hamamatsu               
Brazil - Sao Paulo                           Mexico - Mexico City*           
Canada                                       Netherlands - Amerongen         
   St. Andre est                             New Zealand - Auckland (2 owned)
   Montreal                                  Nicaragua - Managua             
   Toronto                                   People's Republic of            
Chile - Santiago                                China - Guangzhou*           
Colombia - Itagui*                           Peru - Lima                     
Costa Rica - San Jose (5 owned)              Philippines - Manila*           
Dominican Republic - Santo Domingo           Puerto Rico - Bayamon           
Ecuador - Guayaquil (2 owned)                Republic of Panama - Panama City
El Salvador - San Salvador                   Spain - Alicante          
Federal Republic of Germany                  Switzerland - Basel*      
   Luneburg                                  Taiwan - Taipei           
   Nienburg*                                 United Kingdom            
France - Le Trait                               Birmingham*            
Guatemala - Guatemala City                      Derbyshire*            
                                             Venezuela - Caracas       

*Leased properties

The Company's principal executive offices and central research facilities are
Company owned and located in the St. Paul, Minnesota metropolitan area.

The Company has facilities for the manufacture of various products with total
floor space of approximately 1,540,000 square feet, including 201,000 square
feet of leased space.  In addition, the Company has approximately 2,009,000
square feet of warehouse, including 409,000 square feet of leased space.
Offices and other facilities total 1,906,000 square feet, including 353,000
square feet of leased space.  The Company believes that the properties owned or
leased are suitable and adequate for its business.

Item 3.

Legal Proceedings.
- -----------------

ENVIRONMENTAL REMEDIATION.
- -------------------------

The Company currently is deemed a potentially responsible party ("PRP"), in
conjunction with numerous other parties, in a number of government enforcement
and private actions associated with hazardous waste sites ("Sites").  As a PRP
or defendant, the Company may be required to pay a share of the cost of
investigation and cleanup of these Sites.  In some cases, the Company may have
rights of indemnification from other parties.

The Company's future liability for such claims is difficult to predict because
of uncertainty as to the cost of investigation and cleanup of the Sites, the
Company's responsibility for such hazardous wastes and the number or financial
condition of other PRPs or defendants.  Reserves for future liabilities at the
Sites are established as soon as an estimate of potential cleanup costs and
allocation can be determined.  The reserves are reviewed and revised quarterly
in light of currently available technical and legal information.  Based upon
such available information, it is the Company's opinion that these environmental
claims will not result in material liability to the Company.

                                      -7-

 
Following is a list of Sites where the Company has or may have more than a de
                                                                           --
minimis share of liability for remedial investigation and/or remediation costs
- -------
or which are too new to make an assessment.  The expected or anticipated costs
for these Sites are included in the current reserves of the Company.

        Helen Kramer, Mantua, New Jersey. The Company is named as a third-party
        --------------------------------
defendant by both the EPA and the New Jersey EPA for remediation at this Federal
Superfund Site. Currently, the Company is participating in an allocation process
for third-party generators. An outside waste accountant has found no evidence of
any of the Company's waste at the Site. Negotiations for a settlement proposal
between third-party defendants and the EPA continue. Because the waste
accountant has found no evidence that any Company waste was disposed of at the
Site, the Company does not believe that any liability allocated to it will
materially affect its business or financial condition.

        Wauconda Sand & Gravel, Wauconda, Illinois. The Company and other PRPs
        ------------------------------------------
signed a consent decree with the EPA that provides for payment of remedial work
at this Site. The Company has paid assessments of approximately $440,000. The
Company believes that any future costs will be minimal, and will not materially
affect its business or financial condition.

        Bay Drums, Tampa, Florida. The Company has been identified as a PRP at
        -------------------------
this Site. The Company has joined a PRP Group which has retained an outside
waste accountant for allocating cleanup costs amongst the PRPs. The Company is
allocated 175 drums or .673% of the Group's total. Based on this allocation, the
Company's estimated share is approximately $47,188. While the allocation may
change due to the ability or willingness of additional PRPs to share in the
cleanup costs, the Company believes that its final cost will be minimal, and
will not materially affect its business or financial condition.

        Seaboard Chemical, Jamestown, North Carolina.  In September of 1991, the
        --------------------------------------------
Company's Pompano Beach, Florida and Covington, Georgia facilities were
identified as having contributed 40,590 pounds of waste to the Site.  The
Company joined a PRP and de minimis Group and signed the Consent Order and the
                         -- -------
Buy-Out Agreement for the Phase I remediation.  The North Carolina Department of
Natural Resources asserts that additional response costs are necessary to
complete the remediation of the Site.  The Company believes that any future
costs will be minimal, and will not materially affect its business or financial
condition.

        Solvents Recovery Services, Southington, Connecticut. The Company has
        ----------------------------------------------------
been named a PRP (ranked 325 out of 885) as a result of allegedly generating
12,240 gallons of hazardous waste disposed of through Solvents Recovery Service.
The Company at issue was acquired from the Terrell Corp. in July, 1986. The EPA
offered a de minimis settlement to PRPs who have been allocated less than 10,000
          -- -------
gallons at the Site. The Company accepted the de minimis settlement and paid
                                              -- -------
$61,635.89 for a full and final settlement of this Site. The EPA subsequently
rejected the Company as a de minimis party. The Company has requested the EPA to
                          -- -------
clarify its status, and objected to the EPA's determination that the Company is
not a de minimis party. Although the Company's allocation may change due to the
      -- -------
ability or willingness of additional PRPs to share in the cleanup costs, the
Company believes that its future costs will be minimal, and will not materially
affect its business or financial condition.

        Sunrise, Wayland, Michigan. The Company has received a notice of demand
        --------------------------
for payment and response activities from the Michigan Department of Natural
Resources ("DNR") requesting that the Company participate in the cleanup of the
Sunrise Landfill. At this time, the DNR has estimated that clean-up may cost in
excess of $17 million. The Company has joined a PRP Group, which has submitted a
good faith proposal to the DNR for a Remedial Investigation and Feasibility
Study, the cost of which is expected to range from $337,000 to

                                      -8-

 
$471,000.  In addition, the State has incurred $3,744,744 in response costs to
date.  The Company has paid $30,000 for a remedial investigation.  It is
expected that numerous additional PRPs will be located to participate in these
costs, as well as final remediation.  Because of the participation of other
financially viable PRPs, it is the Company's opinion that its future costs will
not materially affect its business or financial condition.

        Waste Oil Tank Service, Houston, Texas.  The Texas Water Commission
        --------------------------------------
("Commission") notified the Company that it is a PRP at the Waste Oil Tank
Service Site.  The Site was used as a waste oil and collection facility from
1975 to 1984, and has been included on the State's Superfund registry.  Although
the Site is relatively small, approximately 1/2 acre, it has a high priority for
cleanup by the Commission because its investigation has shown hydrocarbon and
heavy metal contamination in the soil and surface water.  The Commission's
investigation indicated that on one occasion in April of 1982, one of the
Company's facilities arranged for 2,600 gallons of hazardous waste to be
disposed of at the Site.  The Company has joined a PRP Group which has submitted
a good faith proposal to the Commission for a Remedial Investigation and
Feasibility Study, the cost of which may range from $105,000 to $236,000.
Because of the participation of numerous other financially viable PRPs, it is
the Company's opinion that its allocation at this Site will not materially
affect its business or financial condition.

        Schnitzer Iron & Metal, St. Paul, Minnesota. The Company recently
        -------------------------------------------
received a Request for Information from the Minnesota Pollution Control Agency
with respect to the Company's use of this Site. Records indicate that the
Company disposed of a small amount of material at this Site on two occasions in
the early-1980's. Because of the Company's limited use of this Site, it is the
Company's opinion that any future costs at this Site will be minimal, and will
not materially affect its business or financial condition.

        ArChem Company, Houston, Texas. The Company has received notice from the
        ------------------------------
Texas Water Commission that it is a PRP concerning remediation of the ArChem
property in Houston, Texas. The Company acquired the property in June of 1976,
and in 1978, the property was sold. The Commission's focus is on the companies
that sent chemicals to the Site pursuant to tolling agreements or otherwise had
specialty products manufactured by ArChem. The materials at issue were not
generated by or attributable to the Company. Because of an indemnification
agreement with a financially able indemnitor, and because the materials at issue
were not generated by the Company, it is the Company's opinion that this Site
will not have a material affect on the Company's business or financial
condition.

Other Legal Proceedings.
- -----------------------

On August 30, 1995, the Company was named one of 94 defendants, including
numerous other chemical companies, in a purported class action filed in Federal
District Court for the District of Texas on behalf of approximately 114
plaintiffs that worked at the Army Depot in Corpus Christi, Texas.  The
plaintiffs seek $100 million in compensatory damages and $400 million in
punitive damages for injuries allegedly resulting from exposure to various
chemicals manufactured by the 94 defendants.

As with other types of litigation and proceedings to which the Company is a
party, based upon currently available information, it is the Company's opinion
that none of the matters will result in material liability to the Company.

Item 4.

Submission of Matters to a Vote of Security Holders
- ---------------------------------------------------

Not applicable.

                                      -9-

 
Executive Officers of the Registrant
- ------------------------------------

The executive officers of the Company as of November 30, 1996, their ages and
current offices are set forth below:




Name                         Age     Position                      Period Served
- ----                         ---     --------                      -------------
                                                          
Anthony L. Andersen          60      Chair, Board of               Since 1992
                                     Directors                   
                                     Director                      Since 1966
                                                                
Walter Kissling              65      President                     Since 1992
                                     Chief Executive Officer       Since 1995
                                     Director                      Since 1968
                                                                
Jorge Walter Bolanos         52      Chief Financial Officer       Since 1992
                                     and Treasurer               
                                     Senior Vice President         Since 1995
                                                                
Lars T. Carlson              58      Senior Vice President -       Since 1996
                                     Administration              
                                                                
John T. Ray, Jr.             59      Senior Vice President -       Since 1984
                                     North American              
                                     Adhesives, Sealants and     
                                     Coatings Group              
                                                                
Jerald L. Scott              55      Senior Vice President -       Since 1996
                                     Operations                  
                                                                
Richard C. Baker             44      Vice President                Since 1993
                                     Corporate Secretary           Since 1995
                                     General Counsel               Since 1990
                                                                
Sarah R. Coffin              44      Vice President                Since 1994
                                                                
Hermann Lagally              55      Group President, Europe       Since 1996
                                                                
Antonio Lobo                 53      Vice President                Since 1989
                                                                
Alan R. Longstreet           50      Vice President                Since 1986
                                                                
David J. Maki                55      Vice President                Since 1990
                                     Controller                    Since 1987
                                                                
Rolf Schubert                58      Vice President                Since 1982
                                     Director                      Since 1972


Officers are elected by the Board of Directors or appointed by the Chief
Executive Officer.  Each of the Company's officers has served in various
capacities with the Company for more than five years, except Sarah R. Coffin.

Sarah R. Coffin joined the Company and was named Vice President/Specialty Group
Manager in 1994.  In her most recent position prior to joining the Company, Ms.
Coffin served as Managing Director, Specialty Chemicals, General Electric
Plastics, a position she had held since 1991.

                                      -10-

 
                                    PART II

Information for Items 5 through 8 of this report appear in the 1996 H.B. Fuller
Company Annual Report to Stockholders as indicated on the following table and
are incorporated by reference to this Report:

 
                                                 Annual Report to Stockholders
                   Item                                      Page
                   ----                                 --------------

Item 5. Market for Registrant's Common Stock
- --------------------------------------------
        and Related Stockholder Matters
        -------------------------------
              Trading Market                                  40
              High and Low Market Value                       40
              Dividend Payments                               40
              Dividend Restrictions (Note 13)                 33
              Holders of Common Stock                         41
 
Item 6. Selected Financial Data
- -------------------------------
              1969 - 1996 in Review and
               Selected Financial Data                     38-39
 
Item 7. Management's Discussion and Analysis of
- -----------------------------------------------
        Financial Condition and Results of Operations
        ---------------------------------------------
              Management's Analysis of Results of
               Operations and Financial Condition          17-21
 
Item 8. Financial Statements and Supplementary Data
- ---------------------------------------------------
              Consolidated Financial Statements            22-35
              Quarterly Data (Unaudited)(Note 15)             36

Item 9. Changes in and Disagreements with Accountants
- -----------------------------------------------------
        on Accounting and Financial Disclosure
        --------------------------------------
              None

                                   PART III

Items 10, 11, 12 and 13.

Directors and Executive Officers of the Registrant; Executive Compensation;
- ---------------------------------------------------------------------------
Security Ownership of Certain Beneficial Owners and Management; and Certain
- ---------------------------------------------------------------------------
Relationships and Related Transactions
- --------------------------------------

The information required by these Items other than the information set forth in
Part I, "Executive Officers of the Registrant", is omitted because the Company
will file within 120 days after the close of the Company's last fiscal year a
definitive proxy statement pursuant to Regulation 14A, which information, other
than the sections entitled "Compensation Committee Report on Executive
Compensation" and "Shareholder Return Performance Presentation" contained
therein, is herein incorporated by reference as if set out in full.

                                     -11-

 
                                    PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K
- -------------------------------------------------------------------------



                                                                              Reference
                                                                      -------------------------
                                                                    Form 10-K       Annual Report
                                                                  Annual Report    to Stockholders
                                                                       Page              Page
                                                                    ----------        ----------
                                                                             
(a)(1.) Index to Consolidated Financial Statements
         Incorporated by Reference to the 1996 Annual
         Report to Stockholders of H. B. Fuller Company:
 
                   Consolidated Statements of Earnings for the
                    Three Years Ended November 30, 1996                                   22

                   Consolidated Balance Sheets as of
                    November 30, 1996 and 1995                                            23
 
                   Consolidated Statements of Stockholders' Equity
                    for the Three Years Ended November 30, 1996                           24
 
                   Consolidated Statements of Cash Flows
                    for the Three Years Ended November 30, 1996                           25
 
                   Notes to Consolidated Financial Statements                          26-36
 
                   Report of Independent Accountants                                      37
 
(a)(2.) Index to Consolidated Financial Statement
         Schedules for the Three Years Ended November 30, 1996:
 
                   Auditors' Report on Financial Statement Schedules    16
 
                   Schedule II       Valuation and Qualifying Accounts  17


All other financial statement schedules are omitted as the required information
is inapplicable or the information is given in the financial statements or
related notes.

                                      -12-

 
(a)(3.) Exhibits
        --------

Exhibit Number


3(a)       Restated Articles of Incorporation - incorporated by reference to 
           Exhibit 3(a) to the Registrant's Annual Report on Form 10-K for the 
           year ended November 30, 1992.

3(b)       By-Laws of H.B. Fuller Company - incorporated by reference to Exhibit
           3(b) to the Registrant's Annual Report on Form 10-K for the year
           ended November 30, 1995.

4(a)       Rights Agreement, dated as of July 18, 1996, between H.B. Fuller
           Company and Norwest Bank Minnesota, National Association, as Rights
           Agent, which includes as an exhibit the form of Right Certificate,
           incorporated by reference to Exhibit 4 to the Registrant's Form 8-K,
           dated July 24, 1996.

4(b)       Restated Articles of Incorporation referring to rights of security
           holders, Articles III, VII - incorporated by reference to Exhibit
           4(b) to the Registrant's Annual Report on Form 10-K for the year
           ended November 30, 1992.

4(c)       Specimen Stock Certificate - incorporated by reference to Exhibit
           4(c) to the Registrant's Annual Report on Form 10-K for the year
           ended November 30, 1995.

*10(a)     H.B. Fuller Company 1992 Stock Incentive Plan - incorporated by
           reference to Exhibit 10(a) to the Registrant's Annual Report on Form
           10-K for the year ended November 30, 1992.

*10(b)     H.B. Fuller Company Restricted Stock Plan - incorporated by reference
           to Exhibit 10(c) to the Registrant's Annual Report on Form 10-K for
           the year ended November 30, 1993.

*10(c)     H.B. Fuller Company Restricted Stock Unit Plan - incorporated by
           reference to Exhibit 10(d) to the Registrant's Annual Report on Form
           10-K for the year ended November 30, 1993.

*10(d)     Director's Stock Plan - incorporated by reference to Exhibit 10(d) to
           the Registrant's Annual Report on Form 10-K for the year ended
           November 30, 1994.

*10(e)     H.B. Fuller Company 1987 Stock Incentive Plan - incorporated by
           reference to Exhibit 4(a) to the Registrant's Registration Statement
           on Form S-8 (Commission File No. 33-16082).

*10(f)     H.B. Fuller Company Nonqualified Retirement Plan for Costa Rica -
           incorporated by reference to Exhibit 10(f) to the Registrant's Annual
           Report on Form 10-K for the year ended November 30, 1988 (Commission
           File No. 0-3488).

*10(g)     Form of Employment Agreement signed by executive officers and certain
           other employees - incorporated by reference to Exhibit 10(e) to the
           Registrant's Annual Report on Form 10-K for the year ended November
           30, 1990.

                                     -13-

 
(a)(3.) Exhibits (continued)
        --------

*10(h)     Pension Plan Agreement with Dr. Hermann Lagally signed February 5,
           1980 (English translation).

*10(i)     Managing Director Agreement with Dr. Hermann Lagally signed 
           December 1, 1995.

*10(j)     H.B. Fuller Company Supplemental Executive Retirement Plan -
           incorporated by reference to Exhibit 10(j) to the Registrant's Annual
           Report on Form 10-K for the year ended November 30, 1992.

*10(k)     Deferred Compensation Agreement with Walter Kissling - incorporated
           by reference to Exhibit 10(m) to the Registrant's Annual Report on
           Form 10-K405 for the year ended November 30, 1994.

*10(l)     Retirement Plan for Directors of H.B. Fuller Company - incorporated
           by reference to Exhibit 10(n) to the Registrant's Annual Report on
           Form 10-K405 for the year ended November 30, 1994.

*10(m)     Stock Exchange Agreement, dated July 18, 1996, between H.B. Fuller
           Company and Elmer L. Andersen, including Designations for Series B
           Preferred Stock, incorporated by reference to Exhibit 10 to the
           Registrant's Form 8-K, dated July 24, 1996.

*10(n)     1996 Performance Unit Plan.

*Asterisked items are management contracts or compensatory plans or arrangements
 required to be filed as an exhibit pursuant to Item 14(a) of this Form 10-K.

11         Statement re:  Computation of Net Earnings Per Common Share

13         Pages 17-43 of the 1996 Annual Report to Shareholders.

21         Subsidiaries of the Registrant

23         Consent of Price Waterhouse LLP

24         Manually signed Powers of Attorney

27         Financial Data Schedule

(b)        Reports on Form 8-K
           -------------------

           No reports on Form 8-K were filed during the fourth quarter of the
           fiscal year ended November 30, 1996.

                                     -14-

 
                              S I G N A T U R E S
                              -------------------

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                       H. B. FULLER COMPANY

Dated:  February 25, 1997      By/s/  Walter Kissling
                                 --------------------------------
                                       WALTER KISSLING
                                       President and
                                       Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated:

Signature                                    Title
- ---------                                    -----


/s/ Walter Kissling                    President and
- ---------------------------            Chief Executive Officer and Director
WALTER KISSLING                        (Principal Executive Officer)



/s/ Jorge Walter Bolanos               Senior Vice President,
- ---------------------------            Chief Financial Officer and Treasurer
JORGE WALTER BOLANOS                   (Principal Financial Officer)



/s/ David J. Maki                      Vice President and Controller
- ---------------------------            (Principal Accounting Officer)
DAVID J. MAKI           



*ANTHONY L. ANDERSEN        Chair, Board of Directors and Director
*NORBERT R. BERG            Director
*EDWARD L. BRONSTIEN, JR.   Director
*ROBERT J. CARLSON          Director
*FREEMAN A. FORD            Director
*GAIL D. FOSLER             Director
*REATHA CLARK KING          Director
*JOHN J. MAURIEL, JR.       Director
*LEE R. MITAU               Director
*ROLF SCHUBERT              Vice President and Director
*LORNE C. WEBSTER           Director


By: /s/ Richard C. Baker          Dated:  February 25, 1997
- ---------------------------
        RICHARD C. BAKER
        Attorney in Fact

*Power of Attorney filed with this report as Exhibit 24 hereto.

                                       15

 
                     REPORT OF INDEPENDENT ACCOUNTANTS ON
                     ------------------------------------
                         FINANCIAL STATEMENT SCHEDULES
                         -----------------------------

To the Board of Directors
 of H.B. Fuller Company

Our audits of the consolidated financial statements referred to in our report
dated January 10, 1997 appearing in the 1996 Annual Report to Stockholders of
H.B. Fuller Company (which report and consolidated financial statements are
incorporated by reference in this Annual Report on Form 10-K) also included an
audit of the Financial Statement Schedules listed in Item 14(a) of this 
Form 10-K.  In our opinion, these Financial Statement Schedules present fairly, 
in all material respects, the information set forth therein when read in 
conjunction with the related consolidated financial statements.






Price Waterhouse LLP
Minneapolis, Minnesota
January 10, 1997

                                       16

 
                                                                     Schedule II
                                                                     -----------

               H.B. Fuller Company and Consolidated Subsidiaries
                       Valuation and Qualifying Accounts
                 Years Ended November 30, 1996, 1995, and 1994
                            (Dollars in thousands)



                                          Allowance for doubtful receivables
                                      ------------------------------------------
                                        1996             1995             1994
                                      --------         --------         --------
                                                               
Balance at beginning of period        $ 6,256          $ 6,221          $ 5,519
 
Additions(deductions):
 
  Charged to costs and expenses         2,745            1,954            1,391
 
  Accounts charged off during year     (1,897)          (2,073)          (1,091)
  
  Accounts of acquired businesses           -                -              288
 
  Effect of currency exchange rate
  changes on beginning of year
  balance                                 (61)             154              114
                                      --------         --------         --------
     
Balance at end of period              $ 7,043          $ 6,256          $ 6,221
                                      ========         ========         ========


                                     -17-