Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Business As Usual For Formica (N.Z.) Limited

11 March 2002

Formica (N.Z.) Limited today moved to clarify its position in the Australasian market following news reports about the financial reorganisation of the New Jersey-based namesake.

Formica Corp USA, while continuing to trade, last week filed for bankruptcy protection in the United States and said it will restructure its operations in the wake of continuing losses. For Formica (N.Z.) Limited, however, it is business as usual as the New Zealand operation severed its ties with the US corporation eight years ago. Today, Formica in Australasia is financially and operationally independent of the US corporation.

Formica (N.Z.) Limited is committed to the Australasian market and is this year investing considerable resource into revamping the Formica brand with the launch of upmarket new ranges and colours – giving a fashionable edge to form and function in the home and office.

Neil Jones, Formica (N.Z.) Limited general manager, says any relationship with the US operation is well in the past. “We may have shared the name ‘Formica’ with the US corporation but that’s all. Formica (N.Z.) Limited is a totally separate company with separate management and organisational structures,” Jones says. “It is just unfortunate that having the same name as the US corporation means some people have drawn the wrong conclusion and assumed Formica in New Zealand is on the way out. Nothing could be further from the truth.”

The history of Formica began in 1913 with Formica Corp USA. In November 1959, Formica Corp USA established a New Zealand entity. However, in 1988, the US corporation sold Formica (N.Z.) Limited to CSR Australia. In December 1994, CSR purchased the Formica brand outright from Formica Corp USA for use in Australasia.

In 1999, Laminex Australia became the parent company of Formica (N.Z.) Limited, acquiring both the assets and brand name from CSR. Laminex now manufactures and distributes a range of decorative surfaces products throughout Australia and New Zealand, including Formica, Laminex, Aquapanel, Formex, Alupanel and Premium Laminates.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news