Formica acquired by New Zealand company for $700 mil.

Formica Corp. said it is being acquired by the company that owns the rights to the Formica brand in New Zealand and Australia. Fletcher Building Limited,  based in Auckland, New Zealand, has agree to pay more than $700 million for the Cincinnati-based Formica, which has 3,800 employees in 14 manufacturing and 33 distribution facilities worldwide. The company’s products include laminate and granite counter tops sold under the Formica name. The company notes that the Formica brand laminate flooring, manufactured by Barnwell, S.C.-based Kronotex, will not be affected.