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I worked at HB Fuller for more than 15 years. In that time I have watched as they went from a strong, superior company to one that is borrowing from the future to try to turn around now.
The main issue that is going to bring Buller down is their hypocrisy on the environment. I watched one day as the plant I worked at had to hire special diggers to dig up a 4 foot round section of pipe and replace it because the glue they had dumped down the drain over the years had clogged the sewer. Now, this is not a 4 INCH pipe, but a 4 FOOT pipe.
I also watched as tons and tons of oil based glue was dumped int he dumpster. When the city would refuse to dump this glue, someone in the office would always 'make it right" and what do you know, the glue was dumped.
Another thing that is going to bring Fuller down is their hiring policy. They are so heavy into racial quotas. They promote stricly based on color. If you are not black, you do not get promoted in the plant. Of course, the executive board doesn't follow this make up, but the factories sure do. Why is this one thing that will bring them down? Because the people they promote are not qualified to do the job. The plant I worked at lost hundreds of thousands of dollars in one quarter because of the ineptness of the people they promoted.
Another issue is the theft of money and equipment and supplies by employees who are about to leave.
Their network security leaves something to be desired. I have not worked there for 2 years, and I can still go visit friends there and get on the computer network because there is no one to guard it. I can even go into the main office, because it is in a separate building, and the door can be opened with a sharp edged tool like a knife. If I choose to do this, I could easily get on any computer I wanted to, because all the passwords being used when I worked there still work!!!
I moved all my Fuller stock to a safe portfolio when I left. It's a good thing I did. I would have lost alot of money.
Invest in Fuller stock if you like, but Fuller isn't going to be around for more than two years I would say.
Long time employees are leaving in droves, not just form the plant I wokred at, but all across the US, and they are being replaced by individuals who are low paid, and do not stay long.
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