KEY POINTS:
Fletcher Building is to buy insulation specialist Forman Group.
Forman had annual revenues of around $70 million and about 270 employees throughout New Zealand, Fletcher said today.
Its acquisition was an opportunity for the Fletcher Building group to extend its range of interior building products and obtain a greater exposure to the commercial insulation market.
Forman was a New Zealand-based specialist in the distribution and installation of thermal and acoustic insulation, and ceiling and wall systems within the commercial construction market.
Fletcher Building chief executive Jonathan Ling said the acquisition of such a long-standing, strongly performing company would increase Fletcher's presence in the building interior fitout business, and extend its activities in the area of distributing related building materials.
Forman Group, established in 1913, would operate as a stand alone business unit as part of the Fletcher Building Products division.
It was bought from members of the Forman family. Directors Gary and Brent Forman would continue with the company in general management roles.
- NZPA
