Fletcher Building Limited, Auckland, New Zealand, has acquired Formica Corporation, Cincinnati, OH, for $700 million. Fletcher is a publicly traded material and construction company with revenues of US$4 billion.
The company has five operating units: Laminates & Panels, Building Products, Steel, Infrastructure and Distribution.
Formica will retain the South America operations and certain real estate in California.
Formica has 14 manufacturing and 33 distribution facilities across Asia, Europe and North America.
In the near term, Formica will be structured as a business unit within the Fletcher Building Laminates & Panels division. Frank Riddick will remain as president and CEO of Formica and the management team will remain with the …
