Tarkett Inc. and Chilean wood panel company Aconcagua Timber (ATC) said they will restructure the ownership of their wood panel and laminate joint venture. Specifically, ATC and its investors will acquire Tarkett's equity share in the joint venture, and Tarkett will make ATC its preferred partner for the supply of laminate flooring products in North America.

Additionally, ATC will have more autonomy to develop its wood panel and laminate business in North America, backed by a strategic supply partnership with Tarkett, Tarkett said.

"Through this agreement, we will continue our long-term commitment to being a world-class leader in the laminate flooring category," said Bill Cralley, Tarkett Residential’s president. "And we'll ensure that our channel partners continue to receive a positive brand experience delivered through service, end-user insight and product innovation."