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
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