Fletcher meets expectations with US$840m Formica sale

Mon, 17 Dec 2018

By Jenny Ruth Dec. 18 (BusinessDesk) - Fletcher Building says it has sold the Formica business for US$840 million, or NZ$1.226 billion, to Netherlands-based Broadview. The sale price is comfortably within the NZ$1-1.3 billion range the market was expecting and the date of the announcement was well short of the up to 18-month timeframe that managing director Ross Taylor suggested when he announced the decision to sell in April. Fletcher said the sale is subject to customary conditions for a sale of this nature, including regulatory appr...

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