Posted 18th Dec 2018

Fletcher Building sells Formica Group to Broadview

By KBBDaily on 18th December 2018 - 12:13pm
money matters, materials, formica, sale, acquisition, divestment, kbb, kbbdaily

Fletcher Building, the owner of laminate manufacturer Formica Group, is selling the company to Broadview Holding BV, with the sale comprising Formica Group businesses in North America, Europe and Asia as well as the Homapal laminates business in Germany.

Broadview is an industrial holding company with around 2,900 employees and combined sales of €700m. It is part of HAL Holding, listed on the Amsterdam Stock Exchange with a market cap of around €11bn.

“The divestment of Formica completes our strategy to exit non-core businesses having already completed the sale of Roof Tile Group in November 2018,” said Fletcher Building CEO Ross Taylor. “Our five-year strategy is to refocus Fletcher Building’s capital and capability behind our New Zealand and Australian businesses, with building products and distribution at our core.

“We are pleased to have signed the sale agreement in line with our target timing and to have achieved a strong valuation for the business. We believe Broadview is a natural owner of Formica, being a leading player in the laminates industry.”

Taylor added: “We are confident that the regulatory process required to complete the sale will go smoothly and on that basis expect the sale to be completed by the end of FY19.”

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