World Floor Covering Association Transfers Ownership of Magnetic Building Solutions to Golconda Holdings
The World Floor Covering Association (WFCA) reports it has transferred ownership of Magnetic Building Solutions (MBS) to Golconda Holdings LLC.
In 2016, the WFCA and Golconda formed MBS to develop the MBS Underlayment System— the flooring specific building solution utilizing magnetic technology. Under the joint venture, MBS has extensively tested, applied, and developed this technology from concept to commercialization. Pursuant to an agreement to settle certain lawsuits between WFCA and Golconda regarding their joint venture, WFCA has divested its interest in MBS, and Golconda will be the sole owner of MBS going forward.