Netherlands-based industrial holding conglomerate Broadview Holding has struck a $840 million agreement to acquire Formica Group, the Cincinnati-based solid-surfacing leader, from current parent company Fletcher Building Holdings.
The cash-free and debt-free transaction, which is expected to be finalized in the first half of 2019, includes Formica’s businesses in North America, Europe and Asia, as well as the manufacturer’s Homapal metal laminates operation.
Mitch Quint, president of Formica Corporation North America, says the agreement represents “an exciting future” for the laminate pioneer, which boasts 3,400 employees and annual sales of $713 million.
“The two businesses are complementary, with a strong strategic alignment,” says Quint. “Formica brings a global reach with its operational and commercial capabilities, and Broadview brings unique and innovative product technologies.”
Among Broadview’s current holdings are exterior compact siding source Trespa, high-pressure-laminate producer Arpa, and acrylic surface manufacturer Fenix.