Forbo sells coated textile business to focus on linoleum, vinyl floors, adhesives and machine belts
Forbo didn't disclose how much it will get for selling the unit to the French manufacturer of coated textiles. Forbo, which had been looking for a buyer for the unit to slim down its business, will sell it Dec. 29. The company, which earlier sold its decorative films unit, 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. According to the company, all workers will keep their jobs.