13 July 2001
13 July 2001
Formica Corporation has entered into discussions with its bank syndicate concerning an amendment for non-compliance with certain financial covenants for the quarter ended June 30, 2001 under its $345 million bank credit facility. The slowdown, which began in North America in the fourth quarter of 2000, has since spread to the Company's international markets in Europe and Asia.
In addition to lower sales volumes, earnings have been negatively impacted by higher energy and transportation costs, along with a stronger U.S. dollar. This has been partially offset by a stringent cost control program put in place, along with savings from the reorganization following last year's acquisition of Perstorp Surface Materials AB. The Company has adequate liquidity based on cash on hand to finance operations and to fully complete its rationalization program and grow its revenue base. Formica Corporation, whose owners include Credit Suisse First Boston Private Equity, Citicorp Venture Capital, Ltd. and CVC Capital Partners Limited, was founded in 1913, and is a prominent worldwide manufacturer and marketer of decorative surfacing materials, including high pressure laminate, foils, printed papers, Surell(R) and Fountainhead(R) solid surfacing materials and laminate flooring.
Sharp & Tappin has installed and commissioned a Compcut 200 composite plate saw at Renault Sport Racing in Enstone, Oxfordshire, UK.
Electric GT Holdings and SPV Racing recently unveiled the race-ready version of the EPCS V2.3 Tesla P100DL at Circuit de Barcelona-Catalunya. The car features lightweight body parts made using Bcomp's ampliTex and powerRibs natural fibre composite reinforcement products, contributing to a 500 kg weight reduction over the road edition.
UK company Codem Composites has provided key bodywork components to support the F1 team Sahara Force India.