AUCKLAND, New Zealand,
Sept. 27, 2011 /PRNewswire/ --
Fletcher Building Limited today announced that it will establish a
new laminates plant to be built in China by its Formica business.
Formica, a global leader in the design and manufacture of
laminate, intends to build a manufacturing facility in Jiujiang,
China, a city of approximately 4.8
million people in the Jiangxi
Province. The facility will be one of the largest plants
within the Formica group and will double the company's capacity in
China and allow for additional
market growth.
"Formica is a market leader with more than 25 years experience
in China," said Mark Adamson, Formica president and CEO. "The
commercial construction boom, coupled with the massive construction
of government-subsidized housing projects, has accelerated the
demand for laminate. The Chinese market – already twice the size of
the United States market –
continues to grow by 15 percent a year."
Slated for completion in 2013, the Jiujiang plant will
manufacture high pressure laminate to support the demand in
China and other select Asian
markets. The more than 500,000 square-foot facility will be
constructed to allow for future growth. It will employ
approximately 400 people.
Adamson attributes Formica Group's ability to capitalize on this
growth opportunity, despite the world economic conditions, to the
recent restructuring undergone to streamline business on a global
level. "We've readied the business from an operational standpoint.
That, along with the brand's history, legacy and commitment to
product innovation, primes us for this expansion," he said. "We're
confident about the future of laminate – the future of the Formica®
Brand – in the world's largest market."
The Jiujiang plant will be Formica's second plant in
China and its eleventh
manufacturing facility worldwide.
For further information contact:
Philip King
General Manager Investor Relations
Phone: + 64 9 525 9043
Mobile: + 64 27 444 0203
SOURCE Fletcher Building Limited
