Auckland, New Zealand – Fletcher Building Limited announces that its Formica business has reached agreement to acquire all of the shares in Homapal Plattenwerk (“Homapal”), a manufacturer and distributor of metal and specialty laminates, for €30 million (NZ$48 million). Formica has been a 50-percent shareholder – and the largest customer – of the Germany-based company since 1983. The transaction is scheduled to be completed on 2 April, 2012.

“Homapal is a successful company with an outstanding reputation as a niche leader in the high-end metal and specialty laminate business,” said Formica chief executive Mark Adamson. “We’ve been a part of the Homapal business for decades. We understand its capabilities and market differentiating qualities, and we’re eager to welcome Homapal to Formica while expanding our Laminates & Panels division.”

Homapal manufactures laminates of aluminum, brass, copper and other metal foil in various plain and design effects. Its manufacturing facility is located in the centre of Germany, approximately 100 km south of Hanover and 250 km from Hamburg, and employs 70 people. Formica currently procures and distributes approximately 40 percent of Homapal output while a network of strategic business partners distributes the remaining 60 percent.

As a subsidiary of Formica, the Homapal brand, leadership team and business model will remain unchanged. Adamson added: “Homapal is a successful, lean and forward-thinking company, and we aim to move forward with the mindset of business as usual while maintaining focus on growth opportunities presented by full ownership”.