FieldTurf in Final Stages of Discussion with Tarke
Montreal, Quebec, August 8--Talks are in the final stages between FieldTurf and Tarkett regarding the major integration of two leaders in the sports surfacing industry. Tarkett will be increasing its stake in FieldTurf.
FieldTurf is the world leader in the new generation of infilled artificial grass systems. Highly recognized for its patented products and installation technologies, FieldTurf is installed in more than 1500 high profile stadiums, universities, schools and parks worldwide.
Tarkett, through its sports division, is highly regarded internationally, with manufacturing plants around the globe. Their brands include Prestige, the European market leader in infilled turf, as well as flooring, track, tennis and indoor products manufactured from a variety of materials, including PVC, Wood, Linoleum, PU and Textiles.
The new company will be called FieldTurf Tarkett. All operations and manufacturing responsibilities will be consolidated and run out of FieldTurf's Montreal headquarters.
"When we began this relationship officially, early in 2004, we realized the value of the FieldTurf brand and patents," said Michel Cognet, COO. "Our objectives were to increase worldwide market share through the combined distribution network."
"By bringing all products under one umbrella, the new FieldTurf Tarkett company will have total revenues of more than US$225M," said John Gilman, CEO. "These increased resources will aid us in developing more efficient supply and installation ability. We can continue to grow our Intellectual Property portfolio and have greater resources to protect against infringement of our patents."
The final details of the agreement should be completed within the next 30 days.
