Formica Announces Changes of Senior Management, Retention of Restructuring Advisor
Formica Corporation also announced that Frank A. Riddick III has been elected president, CEO and director of the company, its direct parent, FM Holdings, Inc. and its indirect parent, Laminates Acquisition Co. His experience includes serving as president, CEO and CFO of Armstrong World Industries, Inc. Riddick also served as CEO of Triangle Pacific Corporation, a wholly owned subsidiary of Armstrong World Industries, Inc.
Formica also announced today that it has entered into an agreement with Lazard Freres & Co. LLC as restructuring advisor to advise it in connection with potential restructurings, business combinations and financings.
Formica also announced today that William Adams resigned as director of Formica Corporation and its direct parent, FM Holdings, Inc. and its indirect parent, Laminates Acquisition Co., and their subsidiaries. Adams also resigned as an officer of Formica International Corporation, a subsidiary of Formica Corporation, and its subsidiaries, but will remain as an employee until June 14.