July, 2008 – Forbo announces the acquisition of the lightweight PVC conveyor belting business from Fenner Dunlop (Charlotte) Inc. as a further step to strengthen its Movement Systems division.
In conjunction with the acquisition of the lightweight PVC conveyor belting business Forbo entered into a distribution agreement concerning lightweight rubber belting products manufactured by Fenner Dunlop Americas, Inc.
The two agreements will enable Forbo Movement Systems to complement its product offering for rip and tear resistant conveyor belts primarily used in the logistics and food industry. The acquisition will lead to a substantial strengthening of Forbo Movement System's position in the North American market and will also enable the division – via its worldwide sales and distribution network – to market the respective products on a global scale.
Revenues generated with lightweight PVC and rubber belting products totaled approximately USD 30 million for fiscal year 2007. As part of the transaction some 40 employees will join Forbo Movement Systems. The parties agreed not to disclose the purchase price.
Forbo is a leading producer of flooring systems, adhesives and chemical bonds, as well as power transmission and conveyor belt solutions.
The company employs some 6,000 people and has an international network of 31 production companies with distribution, and 42 sales organizations in a total of 34 countries, generating yearly net sales of CHF 2 billion. Forbo is headquartered in Baar in the canton of Zug, Switzerland.
Forbo Holding Ltd is listed on the SWX Swiss Exchange (security number 354151, ISIN CH0003541510, Bloomberg FORN SW, Reuters FORN.s).