The Formica Intends to Completely Take Over The Joint Venture 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.