CINCINNATI – Formica Corp. announced that it is being purchased by Auckland, New Zealand-based Fletcher Building Ltd., a publicly traded material and construction company with annual revenues of $4 billion. Formica was purchased for $700 million, with additional deferred payments of up to $50 million from private equity investors Cerberus Capital Management LP and Oaktree Capital Management LLC. The seller will retain the South American operations and certain real estate in California. Read more.