Formica announces full year 2000 results
Adjusted EBITDA for the year increased $14.9 million, or 23.4%, to $78.7 million from $63.8 million in 1999.
The final figures include the results of Perstorp Surface Materials AB ("PSM"), which was acquired by Decorative Surfaces Holding AB ("DSH"), a related party, on March 31, 2000, and whose stock was contributed by DSH to Formica on May 26, 2000. PSM's results for the year have been combined with those of Formica's.
PSM was acquired by DSH for a purchase price of approximately SEK 1.5 billion (US$ 177.5 million, including US$ 2.0 million of transaction costs). PSM is a worldwide producer of decorative and industrial laminates, finished foils, printed paper and other surfacing materials. Also on March 31, 2000, DSH became a wholly-owned subsidiary of FM Holdings, Inc., the parent company of Formica Corp. FM Holdings, Inc. contributed the stock of DSH to Formica Corp. on May 26, 2000.