Laminate surfacing manufacturer Formica Group has been sold by its owner Fletcher Buillding to Broadview Holding.
It includes Formica Group businesses in Europe, including Formica Prima, North America and Asia, as well as its Homapal laminates company in Germany.
The sale is conditional and subject to regulatory approvals and conditions.
Broadview is an industrial holding company, with a focus on material technology and energy, and includes manufacturer of composite panels Trespa, Arpa interior surfaces and laminate worktop manufacturer Westag & Getalit.
It employs around 2,900 people worldwide and has combined sales of around Euro 700million.
Broadview is a member of HAL Holiding, which is listed on the Amsterdam Stock Exchange, and is worth around Euro 11billion.
Commenting on the sale, Fletcher Building CEO Ross Taylor said: “The divestment of Formica completes our strategy to exit non-core businesses, having already completed the sale of Roof Tile Group in November 2018.
“Our five year strategy is to refocus Fletcher Building’s capital and capability behind our New Zealand and Australian businesses, with building products and distribution at our core.
“We are pleased to have signed the sale agreement inline with our target timing and to have achieved a strong valuation for the business.
“We believe Broadview is a natural owner of Formica, being a leading player in the laminates industry.
“We are confident that the regulatory process required to complete the sale will go smoothly and on that basis expect the sale to be completed by the end of FY19.”