Formica, a division of Fletcher Building, has acquired the decorative laminate manufacturing division of Well Pack
Lincoln International Advisors Private Limited, Mumbai (“Lincoln International”), a leading global middle market investment bank, announced that Formica Group, part of New Zealand based Fletcher Group, has acquired the decorative laminate manufacturing division of Well Pack Papers & Containers Limited (BSE: 531249) (“Well Pack”). The acquisition provides Formica Group with owned manufacturing capacity in India, enabling it to expand its footprint in the largest laminate market in the world.
Lincoln International worked with the senior management team at Formica Group throughout the acquisition process assisting them in developing a deeper understanding of the local market, identifying potential acquisition targets and negotiating during the entire transaction process.
Paul Zuckerman, CEO of Fletcher Group’s Laminates and Panels Division, commented, “India represents the world’s largest laminate market and by establishing an HPL (high pressure laminate) 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”
Richard Pollington, President, Formica Group – Europe, commented: “Not only are we excited to expand our footprint in India, we are eager to expand our capacity to deliver innovative, sustainable and stylish surfacing options to this emerging market. We have been highly impressed with Lincoln International’s understanding of the industry and execution expertise that proved invaluable throughout the acquisition process.”
T. N. Giridhar, Managing Director and CEO at Lincoln International, said “We are delighted to have had the opportunity of working with Formica Group on an important transaction as our client continues to expand its business in India. This transaction highlights Lincoln International’s ability to connect parties on a global basis and across industry platforms.”
Manish Rele, Vice President at Lincoln International, commented: “We are pleased that we were able to leverage our knowledge and resources to help Formica Group navigate the Indian market and acquire the manufacturing division of Well Pack. The acquisition provides Formica Group with an appropriate platform to establish a strong base in India and execute its growth strategy.”
About Formica Group
Formica Group is a worldwide leader in the design and manufacture of branded, design coordinated surfacing solutions for commercial and residential customers. Formica Group is part of Fletcher Building Limited (NZSE:FBU), one of Australia’s and New Zealand’s largest building companies with revenues of $7.3 billion for FY 2012.
More information about Formica Group can be obtained at www.formica.com.
Formica Group is a global group of companies consisting of Formica Canada, Inc., Formica Corporation, Formica de Mexico S.A. de C.V., Formica IKI Oy, Formica Laminates (India) Private Limited, Formica Limited, Formica S.A., Formica S.A.S., Formica Taiwan Corporation, Formica (Thailand) Co., Ltd., and Formica (Asia) Ltd., among others.
Please Note: Formica and the Formica anvil device are registered trademarks of The Diller Corporation. © 2013 The Diller Corporation, a Fletcher Building Company
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