American Biltrite and Congoleum formed a joint venture to operate American Biltrite's U.S. Amtico flooring division and Congoleum's businesses. The joint venture, expected to begin operations in the first quarter of 1993, will offer a full line of floor products complimentary to Amtico's floor tile and Congoleum's sheet vinyl for the flooring industry. American Biltrite will receive approximately 40% of the common equity in the venture and $5 million in 9% cumulative preferred stock, in addition to a cash payment of $15 million. Its CEO, Roger S. Marcus, will be chief executive officer of the venture.
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|Title Annotation:||joint venture with Congoleum Corp.|
|Article Type:||Brief Article|
|Date:||Jan 1, 1993|
|Previous Article:||Environmental Technologies Alternatives.|