Formica Corp. (Cincinnati), one of the leading suppliers of surfacing materials to the store design industry, has announced the resignation of president, ceo and chairman Vince Langone. Langone's association with both FM Holdings Inc. (Warren, N.J.) — Formica's direct parent company — and Laminates Acquisition Co. (Cincinnati), the indirect parent, was immediately terminated.
Formica announced that Frank A. Riddick III has been elected to succeed Langone. Riddick has been president, coo and cfo of Armstrong World Industries (Lancaster, Pa.) and ceo of Triangle Pacific Corp. (Addison, Texas), an Armstrong wholly owned subsidiary.
Formica, which said that it was reviewing options in light of a net $15 million loss for the three months ending Sept. 30, 2001– including possible sale of the company — is owned by an investment group that includes Credit Suisse First Boston Private Equity, Citicorp Venture Capital, Ltd. and CVC Capital Partners Ltd. The 88-year-old company is a prominent worldwide manufacturer and marketer of decorative surfacing materials, including high pressure laminate, foils, printed papers, Surell¨ and Fountainhead¨ solid surfacing materials and laminate flooring.
It said it has hired Lazard Freres & Co. as a restructuring adviser “in connection with potential restructurings, business combinations and financing.” The company is carrying about $532 million of debt on its books and has reportedly been struggling with certain conditions of its bank financing.