Formica Corp. said it is being acquired by the company that owns the rights to the Formica brand in New Zealand and Australia. Fletcher Building Limited,  based in Auckland, New Zealand, has agree to pay more than $700 million for the Cincinnati-based Formica, which has 3,800 employees in 14 manufacturing and 33 distribution facilities worldwide. The company’s products include laminate and granite counter tops sold under the Formica name. The company notes that the Formica brand laminate flooring, manufactured by Barnwell, S.C.-based Kronotex, will not be affected.

Formica Corp. said it is being acquired by the company that owns the rights to the Formica brand in New Zealand and Australia. Fletcher Building Limited,  based in Auckland, New Zealand, has agree to pay more than $700 million for the Cincinnati-based Formica, which has 3,800 employees in 14 manufacturing and 33 distribution facilities worldwide. The company’s products include laminate and granite counter tops sold under the Formica name. The company notes that the Formica brand laminate flooring, manufactured by Barnwell, S.C.-based Kronotex, will not be affected.

In announcing the deal, Formica’s  ceo Frank Riddick said the acquisition would help facilitate continued growth for his company. “Our goal has been to establish an ownership structure that will allow us to build upon our success and continue to invest in and grow the business, and our people. Fletcher is ideally aligned with this objective due to its broad-based building material and construction business and experience in the laminate and decorative surface market.”

Fletcher Building ceo,  Jonathan Ling, noted that the deal will help enable his company to reach a worldwide audience. “We are confident that this acquisition will allow us to establish a truly global laminates platform, providing new opportunities for us in Asia and creating synergies across our manufacturing, sales and distribution networks.” The transaction is expected to close in early July, after which Formica will be structured as a business unit within the Fletcher Building Laminates & Panels division. Frank Riddick will remain as president and ceo of Formica and the management team will remain with the company. Formica does not expect the new ownership to have a significant impact on day-to-day operations