Netherlands-based industrial firm purchases Formica businesses in North America, Europe, and Asia
Fletcher Building announced today the sale of Cincinnati-based Formica Group to Broadview Industries, a Netherlands-based industrial firm with a significant presence in high-pressure laminate and associated product lines. The sale includes Formica businesses in North America, Europe, and Asia, as well as its Homapal metal laminates business.
The announcement today reflects the signing of a Sale Purchase Agreement which defines the main elements of the transaction and brings together two leading companies in the international decorative surfacing industry. The transition is expected to be finalized in the first half of 2019.
The Formica Group invented laminate in 1913 and remains a leading provider of branded, designed surfacing solutions for commercial and residential customers worldwide. Broadview Industries currently owns Trespa (the global leader in exterior compact siding), Arpa (the largest HPL provider in Italy and developer of the innovative Fenix product line), and Westag (German based HPL manufacturer and a large-scale fabricator).
"This combination represents an exciting future for the Formica Group, as the two businesses are complimentary with a strong strategic alignment. Formica brings a global reach with its operational and commercial capabilities and Broadview brings unique and innovative product technologies, including Trespa exterior products and Fenix acrylic surfaces," said Mitch Quint, President of Formica Corporation North America. "We're grateful to Fletcher Building for investing in our business for 11 years and for finding a buyer in Broadview Industries who echoes our commitment to product leadership, sales and specification excellence, and industry-leading customer service."
Based in 's-Hertogenbosch, the Netherlands, Broadview is a holding company that pursues long-term growth and value creation through active support of its operating companies. Broadview is controlled by HAL Holding N.V., an international holding company with a history that dates back to 1873. Like HAL, Broadview has a long-term perspective, and accordingly, an unrestricted holding period. The current portfolio covers three industry clusters: material technology, personal protective equipment and energy. With the acquisition of the Formica Group, Broadview will become a global leader in high-pressure laminate.
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