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Netherlands-based industrial holding purchases Formica Group businesses in North America, Europe, and Asia
CINCINNATI (June 3, 2019) — Broadview Holding, a Netherlands-based industrial holding with a significant presence in material technology and energy, announced today it has completed the $840 million (U.S. dollars) acquisition of Cincinnati-based Formica Group from Fletcher Building. The sale includes Formica businesses in North America, Europe, and Asia, as well as its Homapal metal laminates business.
The sale was first announced in December 2018 with the signing of a Sale Purchase Agreement. Today’s announcement reflects that all standard regulatory approvals were secured and the transaction to bring together two leading players in the international decorative surfacing industry is complete.
“We said it when the sale purchase agreement was announced, and today we reiterate that this represents an exciting future for Formica Group, as we have a strong strategic alignment with Broadview,” said Mitch Quint, President of Formica Corporation North America. “Now that the acquisition is complete, we look forward to working with our new colleagues and exploring the synergies that will make this combination very successful. Broadview has some industry-leading technologies in their portfolio and we’re excited for the growth opportunities that brings to the Formica businesses.”
Formica Group invented laminate in 1913 and remains a leading provider of branded, designed surfacing solutions for commercial and residential customers worldwide. Broadview Holding also owns Trespa (the global leader in exterior HPL cladding), Arpa (well known for its innovative Fenix product line), and Westag (manufacturer of doors, elements and surfaces with a significant footprint in Germany).
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 two industry clusters: material technology and energy. With the acquisition of Formica Group, Broadview strengthens its position as a global leader in surface materials.