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.