Lisbon, Portugal, 21 Nov – Portugal’s Sonae Indústria has set up a joint venture with German multinational company Tarkett to manufacture and sell laminate flooring, the company has said.
The industrial arm of the Sonae Group said in a statement to Portugal’s market regulator (CMVM) Friday that the 50-50 joint venture will do business in Western Europe, Africa, Asia and Oceania.
“Both companies will work together in laminate flooring markets, combining the panel industry experience of Sonae Indústria with Tarkett’s experience in flooring,” the statement said.
The joint venture includes a Sonae Indústria panel factory in Eiweiler, Germany, which will be expanded to produce laminate floors.
Tarkett, which is based in Frankenthal, Germany, is one of the world’s leading producers and distributors of flooring, with annual sales of some 1.4 billion euros.
Sonae Indústria is a world leader in manufacturing wood-based products, and it is present in Portugal, Spain, the United Kingdom, Brazil, and Canada among other countries.
In the first nine months of the year, Sonae Indústria posted a 24% increase in profit against the same year-ago period, to 34 million euros.
Despite this improvement, in the third quarter profits fell 13% to 11 million euros.