As part of its strategy to lower costs, Formica will relocate its global headquarters from Warren, N.J., to an as-yet-undetermined site in the greater Cincinnati area. The move will put Formica officials closer to one of their largest plants, a 1 million-square-foot manufacturing facility in Evendale, Ohio.
Formica files plan of reorganization, seeks to relocate in Cincinatti area
October 31, 2003
Formica Corp. has filed its plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the Southern District of New York. The court earlier approved the stock purchase agreement with an investment group sponsored by Cerberus Capital Management L.P. and Oaktree Capital Management LLC in which the investment group committed to invest $175 million in cash in Formica and its subsidiaries.