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- Release Date: 12/11/12 14:25
- Summary: ASSET: FBU: Formica Group establishes HPL manufacturing base in India
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FBU
12/11/2012 12:25
ASSET
REL: 1225 HRS Fletcher Building Limited
ASSET: FBU: Formica Group establishes HPL manufacturing base in India
Auckland, 12 November, 2012 - Fletcher Building Limited announces that its
India affiliate, Formica Laminates (India) Private Limited, has reached an
agreement to acquire the business assets of the Decorative Laminate
Manufacturing Division of Well Pack Papers & Containers Limited, a listed
laminate manufacturer in the State of Gujarat, India, for approximately 365
million Indian Rupees (NZD$8.2 million). Assets include land, buildings, and
machinery. The transaction is planned for completion at the end of the
calendar year.
"The Formica brand is firmly established in India having entered the market
in the 1960s," shared Paul Zuckerman, chief executive of Fletcher Building's
Laminates & Panels Division. "India represents the world's largest laminate
market and by establishing an HPL manufacturing base in the region and
leveraging our global capabilities, we have the opportunity to bring a new
level of product technology and customer service to the Indian market."
The decorative Laminate Manufacturing Division of Well Pack is a
three-year-old, 26,000 SQM HPL facility with two presses and room for
expansion. It is located in the West of India, both close to suppliers and
with good distribution links to the main markets. Formica Group's local
Indian management team will operate the facility.
For further information contact:
Philip King
General Manager Investor Relations
Phone: + 64 9 525 9043
Mobile: + 64 27 444 0203
End
End CA:00229593 For:FBU Type:ASSET Time:2012-11-12 12:25:41
