Formica Group acquires decorative laminate manufacturer
Formica Group, part of New Zealand-based Fletcher Group, has acquired the decorative laminate manufacturing division of Well Pack Papers & Containers. The acquisition provides Formica Group with its own manufacturing capacity in India, enabling it to expand its footprint in that country.
Paul Zuckerman, CEO of Fletcher Group’s laminates and panels division, commented: “India represents the world’s largest laminate market, and by establishing an HPL (high pressure laminate) manufacturing base in the region and leveraging our global capabilities, we have the opportunity to bring a new level of product technology and customer service to the Indian market.”
Richard Pollington, president, Formica Group – Europe, added: “Not only are we excited to expand our footprint in India, we are eager to expand our capacity to deliver innovative, sustainable and stylish surfacing options to this emerging market."
Stairway manufacturers see climbing membership
The Fall River, Mass.-based Stairway Manufacturers’ Association (SMA) says it expects a record high turnout for its Annual Conference and Business Meeting in New Orleans, April 10-14.
The event will be held at the Hyatt French Quarter Hotel and will mark the SMA’s 25th anniversary. The SMA has seen its membership increase 30% over the past 15 months.
For more industry events, visit the HCN events page.
At Stanley, the CEO is elected as chairman
The board of directors of Stanley Black & Decker has announced that CEO John Lundgren has been elected to serve in the additional capacity as chairman of the board, effective March 13, following the expiration of Nolan Archibald’s term as executive chairman of the board.
Archibald’s employment agreement with the company expires on March 12, at which time he will retire as executive chairman of the board and as an executive of the company.
“Nolan Archibald’s role in establishing the combined organization while guiding and supporting the management team as it drove $500 million in synergy achievement versus an original target of $350 million has been invaluable," Lundgren said. "Black & Decker shareholders prior to the merger have realized more than a 100% increase in their investment in less than the years despite the challenging macroeconomic conditions. In addition to the many achievements and milestones over his 27 year tenure with the company.”
The board also announced that James Loree, formerly executive VP and chief operating officer, has been elected to serve as president and chief operating officer, effective Jan. 13. Mark Mathieu, senior VP human resources will retire on March 31. Mathieu will be succeeded by Joseph Voelker, currently VP human resources.