and drive positive results for all of our key stakeholders. We are eager to start working with our new nora colleagues to better serve our customers. Together we can deliver a wider range of options that meet our customers’ requirements in different commercial applications, helping Interface and our customers to win in the marketplace.”
INTERFACE COMPLETES ACQUISITION OF NORA SYSTEMS
Interface Inc. a leading global commercial flooring company and worldwide leader in sustainability, has closed its acquisition of nora systems via a stock purchase transaction valued at approximately $400m. Nora is a global leader in performance flooring and worldwide share leader in the rubber flooring category, and was previously majority owned by investment firm Intermediate Capital Group (ICG).
This acquisition expands Interface’s fast-growing resilient flooring portfolio and advances its strategy to serve
BAL SUPPORTS TEAM UK AT EUROSKILLS
BAL is proud to be sponsoring the UK wall and floor tiling competitor at EuroSkills 2018.
Taking place in Budapest from 26-28 September, the members of Team UK will be taking on the best apprentices in Europe with the aim of being crowned champions in their chosen skills.
Representing the UK in wall and floor tiling is Mark Scott from City of Glasgow College. Mark won the SkillBuild National Final, run in partnership with WorldSkills UK, last year and is also part of the squad currently training with the aim of competing in WorldSkills Kazan 2019 along with Daniel McBurney from Southern Regional College in Northern Ireland.
Competitors in this year’s SkillBuild will be eligible to compete in WorldSkills Shanghai 2021 if they meet the competition criteria.
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customers in high-growth segments such as healthcare, life sciences, education and transportation.
Nora is considered a leading premium brand in its category, and its rubber flooring products complement Interface’s existing portfolio of modular carpet tile and LVT products. Moving forward, Interface will continue to offer rubber flooring under the nora brand name.
Jay Gould, Interface CEO said: “We expect the nora acquisition to accelerate our value creation strategy
BAL has sponsored regional and national SkillBuild tiling competitions since 2004, while Dave Rowley, Training Manager at BAL, has acted as Lead Judge since 2009.
Dave said: “We are delighted to provide support and sponsorship to Mark and City of Glasgow College as he prepares for EuroSkills in Hungary.
“At BAL we value training and innovation highly with more than 50 years of technological development and training experience behind us, so it is crucial to support competitions such as SkillBuild that help develop the skills of talented young tilers.
“Continuing professional development and training is key to ensuring the industry continues to meet the highest standards, which is why we invested in a state-of-the-art Innovation and Technology Centre where we hold regular training courses.”
The 2018 SkillBuild competition has recently completed the Regional Qualifier phase, with the UK National
The nora acquisition is expected to be accretive to Interface’s adjusted earnings per share, beginning in the third quarter. Nora is anticipated to increase the company’s Adjusted EPS, a non-GAAP measure, $0.03 to $0.06 in 2018, and $0.15 to $0.20 in 2019.
Bruce Hausmann, Interface CFO said: “We are pleased to deliver an accretive acquisition while maintaining a very manageable net debt leverage ratio. At the same time, as we announced previously, we are financing the nora transaction with debt by amending and extending our existing credit facility which effectively refinances all of Interface's debt at lower rates while extending maturity dates out for five years. This is a fantastic outcome.”
www.interface.com
Final taking place at WorldSkills UK LIVE in November at the NEC in Birmingham.
www.citb.co.uk/careers-in- construction/experience-it/ skillbuild/
www.bal-adhesives.com
www.tomorrowscontractfloors.com
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