Fletcher Building Limited has entered into an agreement to sell the Formica Group to Broadview Holding BV for a sale price of $840 million (NZ$1,226 million), as the company said in the press release received by Lesprom Network.
The sale is subject to conditions which are customary for a transaction of this nature, including regulatory approvals. The transition is expected to be finalized in the first half of 2019. The sale includes Formica businesses in North America, Europe and Asia.
Fletcher Building CEO Ross Taylor said: “The divestment of Formica completes our strategy to exit non-core businesses having already completed the sale of Roof Tile Group in November 2018. Our five year strategy is to refocus Fletcher Building’s capital and capability behind our New Zealand and Australian businesses, with building products and distribution at our core.”
Formica Corporation, part of the Formica Group of companies, is a leader in the design, manufacture and distribution of innovative surfacing products for commercial and residential applications.
Broadview is an industrial holding company with a focus on materials technology and energy.
