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Bidding Process Concluded – CVC Resigns – Forbo to Focus on Restructuring Moves and Main Tasks

Published on 2005-04-13. Author : SpecialChem

Eglisau/Zurich -- Forbo's Board of Directors and Executive Board have been pleased to take note of the discontinuation of the takeover process by CVC. As a result, the company can again focus all its efforts on the implementation of the agreed restructuring measures and its core business. Forbo has the means and management capacities necessary for successfully positioning the Group with its three businesses in the market in the long run and shaping it for the future.

The uncertainties about Forbo's future have been eliminated with the discontinuation of the takeover process initiated by private equity group CVC. The strengthened shareholder basis and the Board of Directors in its new composition will ensure that Forbo can operate as a public company with a long-term perspective. Following the turbulences of recent months, Forbo will again concentrate all its efforts on the necessary restructuring moves and its main tasks.

Today, Forbo has the financial means and management capacities necessary for successfully positioning the Group with its three businesses in the market in the long run and shaping it for the future.

The arrears created through the auctioning process over several months shall partly be offset by intensified efforts on all levels in order to meet the high expectations.

Forbo is a leading producer of floor coverings, adhesives and beltings. The company employs some 5,500 people and has international network of production companies and sales organizations in 31 countries. Forbo's Head office is in Eglisau / Switzerland. Net sales in 2004 were CHF 1,622.3 million. The holding company - Forbo Holding AG- is listed at the SWX Swiss Exchange (security number 354151, ISIN CH0003541510, Bloomberg FORN SW, Reuters FORN.S).

Source: Forbo


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