Cleaning & Restoration Breaking News

Berkshire Hathaway to buy Algona laminate factory

January 27, 2004
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PRINCETON, N.J. - Formica, the kitchen-countertop maker trying to exit from bankruptcy proceedings, agreed to sell an Algona laminate-flooring factory to Berkshire Hathaway for $7 million.

The Algona factory employs 30 people. All of them will be offered jobs by Berkshire Hathaway's Shaw Industries Group, said Formica spokesman Richard Wool.

Berkshire Hathaway won't get Warren, N.J.-based Formica's brand name, products or designs, he said.

Formica is seeking permission for the sale from the U.S. Bankruptcy Court in Manhattan. A hearing is scheduled for Feb. 5 and a final decision is expected Feb. 24.

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