Exhibit 99
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CONTACT: BILL BELKNAP
MEDIA RELATIONS
2400 Energy Park Drive (612) 481-3604
St. Paul, Minnesota 55108
RICHARD EDWARDS
INVESTOR RELATIONS
(612) 481-3650
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NEWS FOR IMMEDIATE RELEASE
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July 18, 1996
H.B. FULLER COMPANY ANNOUNCES REGULAR QUARTERLY CASH DIVIDEND,
APPROVAL OF STOCK REPURCHASE PROGRAM AND
ADOPTION OF SHAREHOLDER RIGHTS PLAN
ST. PAUL, MINN. -- H.B. Fuller Company (NASDAQ: FULL) announced today that
its Board of Directors has approved the company's regular quarterly cash
dividend, a stock repurchase program and a shareholder rights plan.
The board voted to approve the regular quarterly dividend of $0.165 per
share of common stock. The dividend is payable August 12, 1996, to shareholders
of record at the close of business on July 30, 1996.
The board also authorized a stock repurchase program under which up to
300,000 shares of H.B. Fuller Company common stock may be repurchased by the
company. Terms of the program allow the company to make such purchases from time
to time at prevailing prices in the open market, by block purchase or in private
transactions. The program may be discontinued at any time. The company has
approximately 14 million shares of common stock outstanding. The shares of
common stock repurchased will be available for compensation plans of the
company. Repurchases will be funded with internally generated funds or through
available lines of credit.
The board also adopted a shareholder rights plan to replace the company's
existing shareholder rights plan that will expire on July 30, 1996. Anthony L.
Andersen, chair of the H.B. Fuller board, explained, "Like the old plan, the new
shareholder rights plan is intended to preserve the long-term value of the
company for all of its
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7/18/96 H.B. Fuller -- continued
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stakeholders. The plan is designed to protect stakeholders against partial
tender offers and other coercive tactics. It does not prevent a takeover, but
it should encourage anyone seeking to acquire the company to negotiate with the
board prior to attempting a takeover."
In connection with the adoption of the new shareholder rights plan, the
board authorized a new series of preferred stock that would be exchanged for
the company's existing Series A preferred stock if and when the rights issued
under the new shareholder rights plan become exercisable. Such an exchange is
intended to preserve the voting power of Elmer L. Andersen, who holds all of the
existing Series A preferred shares, in the event any rights are exercised.
H.B. Fuller Company is a worldwide manufacturer and marketer of adhesives,
sealants, coatings, paints and other specialty chemical products with 1995 sales
of $1.24 billion.
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