|
WELLINGTON, New Zealand (AP) - Building materials maker Fletcher Building Ltd. will buy Cincinnati-based surfacing products manufacturer Formica Corp. for $700 million.
The current owners, private equity groups Cerberus Capital Management LP and Oaktree Capital Management LLC, brought the company out of bankruptcy three years ago.
"Formica provides Fletcher Building with the opportunity to establish a truly global laminates platform and significantly increase the geographic diversity of our earnings exposure," said Jonathan Ling, New Zealand's Fletcher Building chief executive.
|