Formica pays €30m for 100% takeover of Homapal

According to a notice published on 31 January 2012, the laminates manufacturer Formica intends to completely take over the joint venture Homapal, whose operations include the production of metal and real-wood laminates. Formica took a holding in the latter company in 1983 and since then Formica and HW Industries, have each held a 50% stake in Homapal. The two companies concluded negotiations, which have been in progress for several months, at the end of January 2012. The purchase price was €30m or NZ$48m, equivalent to 7.9 times the current Homapal EBIT before synergy effects. The transaction is to take effect on 2 April 2012.