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Forbo strengthens market position in New Zealand
Eglisau, March 31, 2003
Forbo acquires the distribution business for belting from its agent Stedar Belting Ltd. in New Zealand. Since 1983, this company has been the exclusive distributor for Forbo's belting products, which Forbo runs under the name of Siegling. The takeover is effective as of March 31, 2003.
Stedar Belting Ltd. has annual sales of some CHF 2 million, and is, with Siegling products, the clear market leader in New Zealand's market for synthetic drive and conveyor belts. The company employs a staff of six.
The acquisition was completed in the course of the succession planning for Stedar Belting Ltd. It is in line with Forbo's strategy to extend its market position with belting in Asia.
Forbo is a global producer of floor coverings, adhesives and belts. The company employs some 5,700 people worldwide and has an international network of 32 production companies and 80 marketing organizations in 30 countries.
Contact:
Ursula Leonhard
Head of Corporate Communications
Tel: + 41 1 868 25 69
Fax: + 41 1 868 35 69
Gerold Zenger
Chief Financial Officer
Tel: + 41 1 868 25 25
Fax: + 41 1 868 25 26