The World Floor Covering Association (WFCA) reports it has transferred ownership of Magnetic Building Solutions (MBS) to Golconda Holdings LLC.
In 2016, the WFCA and Golconda formed MBS to develop the MBS Underlayment System— the flooring specific building solution utilizing magnetic technology. Under the joint venture, MBS has extensively tested, applied, and developed this technology from concept to commercialization. Pursuant to an agreement to settle certain lawsuits between WFCA and Golconda regarding their joint venture, WFCA has divested its interest in MBS, and Golconda will be the sole owner of MBS going forward.
In a statement, the WFCA said the parties wish the best for each other and this installation platform has the potential to be of great benefit to the flooring industry’s installation crisis.
MBS will continue to operate with Melinda Martin as its new CEO and will continue to pursue partnerships that will allow the company’s innovations to fully realize their commercial potential.
See past coverage of MBS here: MBS Awarded U.S. Patent for Underlayment System
