Forbo to sell much of stake in Reiter

ERJ staff report (R&PN)

BAAR, Switzerland (April 13, 2010)-Forbo Holding AG said it is cutting its stake in Reiter Group to below 3 percent.

A maker of flooring systems, adhesives and transmission and conveyor belts, Forbo said it reduced its interest in automotive acoustics supplier Rieter because it changed its strategic and operational priorities in reaction to the global financial and economic crisis.

Artemis Beteiligungen IV A.G. is buying the shares, valued at about $87.1 million, Baar-based Forbo said. The deal will take place toward the end of June.

The company said it will use the proceeds for its strategic and operational activities as well as a further debt reduction.

From Rubber & Plastics News (A Crain publication)

Press release from Forbo