| THE HISTORY OF FORMICA CORPORATION |
The Nineties and Beyond (continuted)
Formica Corporation also developed in recent years a range of new or enhanced products such as Compact structural laminate, ColorCore2, ChemTop2 and frpSelect fiberglass reinforced wall covering. Beyond laminates, the company introduced Stone Natural Quartz Surfacing in 2004, followed in 2006 by the re-launch of Formica Premium Wood Veneer Surfacing and Formica Natural Granite slabs. The company maintains strong ties to design leaders, as well as consumers, endlessly exploring the cutting edge of contemporary design.
To ensure that Formica brand products represent the latest design trends, Formica Corporation conducts over 300 designer-focused surveys each year, as well as inviting designers to participate in conferences that explore the surfacing needs of the architecture and design community. The Company is also a contributing member of Color Marketing Group (CMG), a premier international association for color design professionals focused on forecasting color and design trends.
In recent years, Formica Corporation has made significant progress in its sustainable business practices, initiating programs in all areas of environmental management. In 2005, Greenguard® Indoor Air Quality Certifications was obtained for Formica Stone Natural Quartz Surfacing, Formica Solid Surfacing, Formica brand laminates, including ColorCore, Chem-top and frpSelect specialty laminates, and for DecoMetal laminate and solid metal.
Along with advancements in product design and technology, Formica Corporation has grown to become a truly global company. In 1998, a strategic investor group consisting of Donaldson, Lufkin and Jenrette (DLJ), CVC Capital Partners and Citicorp Venture Capital acquired the company. Vincent P. Langone returned as Chairman, President and Chief Executive Officer. In March 2000, Formica Corporation acquired Perstorp Surface Materials, a leading brand in Europe. Together, the brands are sold in more than 100 countries in North and South America, the U.K., Europe and the Far East.
In 2001, Frank Riddick joined the Company to become its new President and CEO and led Formica Corporation through a successful program of cost reduction and restructuring. The program positioned Formica Corporation for growth by optimizing assets, reducing operating costs and improving its marketing strategies. The Company emerged from restructuring with a re-energized culture and a return to strong marketplace performance.
On May 23, 2007, Fletcher Building agreed to acquire Formica Corporation and the transaction was settled on July 2, 2007. As part of the Fletcher Building Group, Formica Corporation joins one of Australia’s largest and most successful businesses. Together with The Laminex Group, Formica will form the Laminates & Panels Division of Fletcher Building, but continues to operate as a separate business with the same organizational structure under Mike Fischer, President and Mark Adamson, CEO .
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