Forbo to Focus on Restructuring After CVC Drops Ta
Zurich, Switzerland April 7--Forbo’s Board of Directors and Executive Board have welcomed the discontinuation of a takeover bid of the company by the investment firm CVC.
As a result, the company said it can focus all its efforts on the implementation of the agreed restructuring measures and its core business. The company said Forbo has the means and management capacities necessary for successfully positioning the group with its three businesses in the market in the long run and shaping it for the future.
The strengthened shareholder basis and the Board of Directors in its new composition will ensure that Forbo can operate as a public company with a long-term perspective the company said in a statement. Following the turbulences of recent months, Forbo will again concentrate all its efforts on the necessary restructuring moves and its main tasks.
Forbo is a producer of floor coverings, adhesives and beltings. The company employs some 5,500 people and has international network of production companies and sales organizations in 31 countries. Forbo’s Head office is in Eglisau / Switzerland. Net sales in 2004 were CHF 1,622.3 million. The holding company - Forbo Holding AG- is listed at the SWX Swiss Exchange.
