December 17, 2018 / 7:49 PM / a month ago

New Zealand's Fletcher Building to sell Formica to Broadview Holding for $840 mln

Dec 18 (Reuters) - New Zealand’s largest builder Fletcher Building on Tuesday said it had entered into an agreement to sell the Formica Group to Netherlands-based Broadview Holding BV for $840 million.

Fletcher Building CEO Ross Taylor said the divestment of Formica completed the company’s strategy to exit non-core businesses.

Formica is engaged in the design, manufacture and distribution of surfacing products for commercial and residential applications.

Fletcher also confirmed its intention to reinstate dividends in its 2019 financial year, starting with an interim dividend to be declared upon finalisation of half-year results in February. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Mark Potter)

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