Cleaning & Restoration Breaking News

Formica Corporation CEO resigns, new chief picked

Formica Corporation this week announced two resignations, including that of its president and CEO.

WARREN, N.J. -- Formica Corporation (www.formica.com/north_america/index.jsp) announced Jan. 8 that Vince Langone, its president, CEO and Chairman of the Board of Directors, tendered his resignation as an officer and director of the Company, its direct parent, FM Holdings, Inc. and its indirect parent, Laminates Acquisition Co., and their subsidiaries. Langone was terminated as an employee of these companies.

The largest producer of high-pressure laminates in the world also announced the election of Frank A. Riddick III as president, CEO and director of the company, its direct parent, FM Holdings, Inc. and its indirect parent, Laminates Acquisition Co. Riddick had previously served as CEO of Triangle Pacific Corporation, a wholly owned subsidiary of Armstrong World Industries, Inc. (NYSE:ACK).

Formica Corporation also announced 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.

Also announced was the resignation of William Adams 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, 2002.

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