Linoleum flooring manufacturer Forbo Holding AG has it agreed to sell its coated textile business to closely held Ferrari Group of France so that the company can better focus on its core products.

The purchase price of the business unit was not disclosed. Forbo, which had been looking for a buyer for the unit to slim down its business, said it aims to focus on its linoleum, vinyl flooring, machine belts, and adhesives businesses.

"The divestment will further strengthen the profitability of the Forbo Group," the company said in a statement, adding that it expects sales of about 90 million Swiss francs ($54.6 million) this year.

Forbo's coated textile business has annual sales of about 40 million francs and employs 120 people.