Fletcher Building to part ways with Formica and RTG

25.05.2018 − 

Fletcher Building intends to focus on its operations in Australia and New Zealand and part ways with Formica, which is part of the International division and has activities in North America, Europe and Asia. The Roof Tile Group, which has operations in North and South America, Europe, Asia and Oceania, will also be spun off.

By contrast, the third company in the International division – Laminex Group – will remain part of the group at least for the time being. The funds raised by selling Formica and The Roof Tile Group will be used to improve the group’s financial situation.

Last year, Fletcher Building had to undertake significant write-downs in its Building+Interiors business unit, which is part of the Construction division, which put the entire group in a dire profit and financing situation. Fletcher Building announced a capital increase on 17 April in order to provide the funds needed to overcome this situation.

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