Formica may be non-core, saleable asset for Fletcher as CEO reviews strategy

Wed, 14 Feb 2018

By Jonathan Underhill Feb. 15 (BusinessDesk) - Fletcher Building paid US$700 million to buy Formica Corp from private equity owners Cerberus Capital Management and Oaktree Capital Management in 2007. It may be a good time to sell a business that sits outside its core operations, Morningstar says. In a note released after Fletcher announced wider losses in its construction business and breaches of lending covenants yesterday, the research firm said it anticipates "the divestiture of assets, especially those earning low returns with no syne...

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