Wood product manufacturer Swiss Krono Group Wood and wood panel subsidiary Kronospan are set to exit Sweden-based industrial R&D company Välinge by selling their stakes to investment firm KKR.
Swiss Krono and Kronospan each hold 20% shares of Välinge which KKR will acquire alongside a 10% stake held by company founder Darko Perván. The amount KKR will pay has not been disclosed.
Välinge was founded in 1993 and produces a range of flooring products including a patent-protected, click-based glueless flooring method.
The company hopes to leverage KKR’s resources and expertise to expand internationally, and will use the funding to develop luxury vinyl tiling flooring, tool-less furniture assembly, digital micro 3D printing and wood powder technology.
Ignace Gorus, Kronospan’s representative on Välinge’s board of directors, said: “Kronospan has always been at the forefront of innovation in flooring and will continue as a major customer and licensee to Välinge.”