Formica Group grows sales and curbs losses ahead of takeover

Laminate surface manufacturer Formica Group recorded an improved turnover and narrowed losses in the year preceding its acquisition by a Dutch holding company, which was announced late last year.

Laminate surface manufacturer Formica recorded an improved turnover and narrowed losses in the year preceding its acquisition by a Dutch holding company, which was announced late last year.

The long-established company makes laminate worktops, flooring and surfaces for residential and commercial customers.

With the group's global headquarters in Cincinnati, the North Shields operation serves as the company's European base, employing more than 500 people and selling to customers in the UK and in Europe directly or through associated group companies.

Turnover for the year ending 30 June 2018 increased 3 per cent to £79.5m.

Pre-tax losses were reduced from £7.3m in 2017 to £537,000.

UK customers accounted for £35.9m of sales, while EU countries contributed £41.2m and other countries £2.4m.

In December, Formica Group's New Zealand-based owner Fletcher Building agreed the £663m sale of the business to Broadview Holding, a Dutch holding company.

The deal, which is expected to complete in the first half of this year, included Formica businesses in North America, Europe, and Asia.

The directors had warned that the business may not be able to continue as a going concern if it was divested and a buyer could not subsequently be found.

 

From: Insider Media, Oscar Lynch, 20/03/2019

  About Formica Group

Formica Group is a leading provider of branded, designed surfacing solutions for commercial and residential customers worldwide. As the world’s largest manufacturer of High Pressure Laminate (HPL), our international network of design, manufacturing, distribution and sales operations maintains the recognition of Formica® as a global brand.

You're using an unsupported browser and some features may not work properly. Please upgrade to a modern browser, such as Chrome, Edge, Firefox, or Safari.