After the close of the transaction, which is expected during the current quarter, Formica will withdraw from laminate floor manufacturing in North America following a transition period to permit Formica to meet its outstanding obligations to customers.
"Not being a vertically integrated producer in this highly competitive business, we reluctantly concluded that it would not be economically viable for Formica to remain as a niche, stand-alone manufacturer" of laminate flooring, said Frank A. Riddick III, Formica Flooring president and CEO.
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