M&A is a pathway for enterprises to grow rapidly.

I have worked in the adhesive industry for 30 years, experiencing entrepreneurship, corporate growth, listing, and M&A—giving me deep familiarity with this sector. I authored the book *Stories from the Adhesive Industry: Observations and Experiences over 30 Years*, which includes an article specifically examining how Henkel became the world’s top adhesive company. Before the 1980s, Henkel was relatively unknown in the adhesive field. In 1995, it acquired German company Teroson; in 1997, it acquired U.S.-based Loctite. These moves secured Henkel’s international presence in engineering adhesives and sealants, propelling it to become the world’s largest adhesive manufacturer. In 2008, Henkel acquired the adhesive business of U.S. National Starch, decisively distancing itself from competitors and cementing its position as global leader. Since 2010, U.S. company H.B. Fuller has also accelerated its M&A pace. In 2011, it acquired Swiss firm Forbo—eliminating a strong competitor. In June 2014, H.B. Fuller signed an acquisition agreement with Beijing TianShan Company, aiming to enter new markets and expand into engineering adhesives. In 2016, it acquired U.S. Cyberbond; in 2017, it acquired U.S. Royal Adhesives & Sealants—further strengthening its position in engineering adhesives. Through this series of acquisitions, H.B. Fuller became the world’s second-largest adhesive company. Both Henkel and H.B. Fuller are century-old enterprises that continue pursuing growth through M&A and innovation—successfully achieving first and second place globally in the adhesive industry via strategic acquisitions and integration. As one of the founders of Beijing TianShan, since 2013 I have led and participated in all stages of H.B. Fuller’s acquisition of Beijing TianShan—including negotiations, due diligence, closing, and post-merger integration—gaining substantial insights over more than five years. M&A is purposeful expansion: it may aim to eliminate competitors—or to enter new markets. To strengthen competitive advantages, M&A strategy is indispensable—but many M&As fail.

Has Huawei also been snatched away? Over five years, 200 sensor companies have been acquired! Who is the dominant force behind the scenes?

Yet in 2011, Amphenol achieved RMB 25 billion in revenue. How did it sustain rapid growth for a decade within the traditionally modest cable industry—soaring steadily upward? The answer: 10 years, 30 acquisitions—including its 2019 acquisition of Chinese optical communication module manufacturer Jizhi Xingtong. This was the tailwind behind Amphenol’s meteoric rise. Amphenol completes at least one acquisition annually—and on a large scale: total acquisition funding accounts for over 50% of its allocated cash reserves. This reflects management’s deep expertise in leveraged buyouts. Its aggressive acquisitions in the niche connector segment have broadened its product coverage across automotive, communications, industrial, and aerospace applications. A connector—a type of cable—is little known to the general public. Yet inside every smartphone, numerous electronic components rely on connectors: SIM cards, USB ports, and more—all require these tiny cables for interconnection. Among China’s best-known manufacturers—whether Foxconn, the ‘King of Contract Manufacturing,’ or Luxshare Precision, today’s rising manufacturing star—both began with connectors and still prioritize them. Unassuming though they are, connectors carry current, transmit signals, and transfer data: they are the hidden nervous system of industry. And at the very front end of that nervous system lie sensors. The commercial logic now emerges: connector giants seek precisely these ‘martial arts manuals.’ Pressure sensors are indispensable in chemical flow meters. U.S. company NovaSensor supplies such silicon piezoresistive sensors—the earliest company to break through in MEMS (micro-electromechanical systems) sensor technology. In 2002, it was acquired by GE. As a leader in industrial control systems and instrumentation, GE naturally required sensors—and maintained a dedicated sensor division. A key advantage of sensors is their operational independence: even within a large corporation, sensor units often retain autonomy without full integration. In 2013, GE’s entire sensor division was acquired by Amphenol—a major milestone for the company. From there, Amphenol gradually built a sensor group comprising no fewer than 15 branded sensor companies—almost all acquired. If one star vanishes from the sky, nighttime brightness dims slightly; Amphenol, then, must be the harbinger of earthly darkness. Most recently, in December 2021, Amphenol acquired Halo—a passive optical component manufacturer specializing in electromagnetic elements—for over USD 700 million. Halo serves top-tier semiconductor makers like Broadcom and Texas Instruments (TI). This acquisition propelled Amphenol into the high-frequency connectivity era for big-data transmission. This is the logic of connector acquisitions: though merely a ‘cable,’ it relentlessly seeks prey at both ends of the wire. Thus, the commercial logic crystallizes. Acquiring sensors enables connectors to ride along—commanding premium pricing. Moreover, leveraging sensor capabilities allows cables to evolve into custom-engineered products—less vulnerable to price pressure. Consider straw ropes used to bind crabs: both items sell at the same price. Straw rope + crab—that’s the most legendary tale of a humble commoner marrying into aristocracy.

H.B. Fuller Proposes Acquisition of AMS; Insiders Buy $600K+

Oct 13, 2026

H.B. Fuller's subsidiary Bidco proposed a cash acquisition of Advanced Medical Solutions via a scheme of arrangement. Meanwhile, company insiders purchased over $600,000 worth of stock in late September near its 52-week low.

TradingView

2026-05-26

Activist Ancora Pushes H.B. Fuller to Drop Bid for UK’s AMS

2026-05-26

Cleveland-based activist Ancora pushes H.B. Fuller to drop bid for U.K. firm

2026-05-26

Ancora Urges H.B. Fuller to Abandon Pursuit of Advanced Medical Solutions Acquisition

2026-05-28

H.B. Fuller Announces New Coating to Improve Food Packaging Recyclability

2026-05-30

Activist Investor Ancora Urges HB Fuller to Abandon UK AMS Acquisition Bid