Lisbon, Portugal, June 13, 2006--Wood panels maker Sonae Industria said the European Commission has approved its joint venture in Germany with Tarkett AG. Sonae Industria expects the venture to commence operations in October.
The commission said the deal would not significantly impede effective competition in the European Economic Area.
It said there would be sufficient competitors in the market and no risk to supplies.
The venture, announced last November, will produce and sell laminate flooring in Western Europe, Africa, Asia and Oceania, Sonae Industria said.
Owned 50% by each partner, the joint venture will include an existing Sonae Industria wood panel factory in Eiweiler, Germany, which will be extended to produce laminate floorings.
No financial details have been given.
