Formica Corporation Forms Joint Venture with Schock & Co. GmbH.Business Editors WARREN, N.J.--(BUSINESS WIRE)--May 5, 2000 Formica Corporation and Inova, Inc. (a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Schock & Co. GmbH ("Schock")) have formed a joint venture company - INOVA Joint Venture, L.L.C. ("IJV IJV internal jugular vein IJV Independent Jewish Voices IJV International Joint Venture "). IJV is 51% owned by Formica Corporation and 49% by Schock. IJV will be based in Odenton, MD, and will have exclusive rights to market and sell the Schock solid surfacing brand products, Cristalite(R) and Cristalan(R), in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Headquartered in Schorndorf, Germany, Schock is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. specializing in advanced solid surface technology and manufacturing. Formica Corporation, founded in 1913, is a prominent worldwide manufacturer and marketer of decorative surfacing products, including Surell(R) and Fountainhead foun·tain·head n. 1. A spring that is the source or head of a stream. 2. A chief and copious source; an originator: "the intellectual fountainhead of the black conservatives" (R) solid surfacing materials, high pressure laminate and laminate flooring. "We are excited about our new business relationship with Schock. Schock's expertise in the field of advanced solid surface processing will bring new products and technologies to Formica Corporation," said Jean-Pierre Clement, President of Solid Surfacing for Formica Corporation. "Cristalite(R) brand products, part of Schock's extensive product line, are the practical response and solution for fabricators and consumers who recognize the unique benefits of hard-surface products." |
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