WARREN, N.J. -- Due to the continued effect of the economic slowdown in its U.S. and international markets, Formica Corp. has entered into discussions with its bank syndicate concerning an amendment for non-compliance with certain financial covenants for the quarter ended June 30, 2001 under its $345 million bank credit facility.
The slowdown, which began in North America in the fourth quarter of 2000, has since spread to the Formica’s international markets in Europe and Asia, the copoany said.