Fletcher Building Limited (FBU) announces that its Formica business has reached agreement to acquire all of the shares in Homapal Plattenwerk, a manufacturer and distributor of metal and specialty laminates, for €30 million (NZ$48 million). Formica has been a 50-percent shareholder – and the largest customer – of the Germany-based company since 1983.
“Homapal is a successful company with an outstanding reputation as a niche leader in the high-end metal and specialty laminate business,” said Formica chief executive Mark Adamson. “We’ve been a part of the Homapal business for decades. We understand its capabilities and market differentiating qualities, and we’re eager to welcome Homapal to Formica while expanding our Laminates & Panels division.”
Homapal is a global leading specialist in the design, manufacture and distribution of high-quality metal and specialty laminates. Its product range is complementary to Formica’s, and will consolidate Formica’s position as a global brand leader in the surfacing industry. Full ownership of Homapal will increase Formica’s presence in Germany, one of the world’s largest laminate markets and where Homapal already has a strong market position. It will also allow Homapal to achieve greater access to growth opportunities for metallic laminates in Asia, due to Formica’s strong presence through its distribution network and customer base.
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