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Eglisau, December 22, 2000
Forbo will sell its coated textile business. Effective December 29, 2000 all activities associated with this business will be sold to the family-owned French company Ferrari. The Ferrari Group with head office in the Lyon area, France, is a leading European manufacturer of coated textiles. The management team, employees, and the Forbo Stamoid production site in Eglisau including all Stamoid activities will be taken over by Ferrari. With the sale of the coated textile business, Forbo consistently continues its focus on core activities.
The Forbo Stamoid production site in Eglisau is part of the business with coated textiles which has sales of some CHF 40 million. The business employs a total of about 120 people whose employment will be assumed by Ferrari. The acquisition by Ferrari will open up new perspectives for Forbo Stamoid and its employees. Details of the transaction are not disclosed.
A European leader
The Ferrari Group is specialized in the business with coated textiles and has a leading market position in Europe. As a manufacturer of coated textiles for textile architecture, digital printing and truck tarpaulins, Ferrari's sales exceed CHF 100 million. The company has more than 200 employees in France and exports its products to over 60 countries.
Enhancing the profitability
With Forbo's complete withdrawal from the coated textiles business, the company is taking another step on its strategic course to become a company focused on core activities. This divestment will further strengthen the profitability of the Forbo Group. The strategic provisions made last year are most likely not to be effected by this transaction. Forbo is expecting net income of some CHF 90 million in the business year 2000.
Forbo is a global company committed to the development, production and marketing of products and systems for floor coverings and industrial specialties. It employs some 6 000 people worldwide and has an international network of 28 production companies in 12 countries and 67 marketing organizations in 25 countries.