Broadview Holding, a Netherlands-based industrial holding with a presence in material technology and energy, has completed the $840-million acquisition of Cincinnati-based Formica Group from Fletcher Building. The sale includes Formica businesses in North America, Europe and Asia, as well as its Homapal metal laminates business.
The sale was first announced in December 2018 with the signing of a Sale Purchase Agreement. This announcement reflects that all standard regulatory approvals were secured and the transaction to bring together two leading players in the international decorative surfacing industry is complete.
“We said it when the sale purchase agreement was announced, and today we reiterate that this represents an exciting future for Formica Group, as we have a strong strategic alignment with Broadview,” said Mitch Quint, president, Formica Corporation North America. “Now that the acquisition is complete, we look forward to working with our new colleagues and exploring the synergies that will make this combination very successful. Broadview has some industry-leading technologies in their portfolio and we’re excited for the growth opportunities that brings to the Formica businesses.”
The deal affects 500 Cincinnati area employees and 3,500 worldwide. Besides the factory and headquarters in Evendale, north of Cincinnati, Formica operates a plant in Canada and five plants each in Europe and Asia. The company generated $325 million in sales last year.
A press release from Broadview stated, “Combining Formica’s brand and distribution network with the technology base and product portfolio of its new sister companies will offer several benefits to Formica’s customer base, thereby also supporting profitable long term growth of the business. These benefits include access to the proprietary products from Arpa, Trespa and Westag as well as strengthened investment in the development of innovative superior surface solutions.”
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