Forbo sets sights on Spanish market
The floor coverings and industrial materials supplier, Forbo, is set to take over the Spanish adhesives producer, Carzuh, which has annual sales of SFr25 million (13.8 million).
Carzuh supplies the car, furniture and wood industries. The transaction should be completed next month.
Forbo, with adhesive sales of SFr206 million last year, is trying to expand this part of its business through acquisitions and organic growth.
“The takeover of Carzuh is a first step in the implementation of this part of the strategy,” said Forbo in a statement.
The deal gives the company access to the Spanish industrial adhesives market.
Forbo, best known for its linoleum floors, also announced a warning on Tuesday that the company’s first-half performance will probably lag behind that of 2000 reflecting the general slowdown of the world economy.
It said earnings for the first five months of the year had fallen short of the company’s expectations but is said it still expected operating profit for the year as a whole to be higher.
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