Wood based panels giant Kronospan is selling its minority shareholding in Swedish R&D company Välinge, which develops technology used in flooring and furniture.

The €3bn turnover Austrian group — which has a significant UK business and presence — is divesting its 20 per cent stake to KKR, the global investment firm.

KKR is also acquiring the shareholding of Swiss Krono Group and some shares held by the founding Pervan family to take its overall shareholding to 50 per cent. Terms were not disclosed.

It plans to support Välinge’s investment in developing new technologies in areas such as luxury vinyl tile flooring and tool-less furniture.

Välinge currently holds around 1,300 patents with past developments including new technologies for laminate flooring, floor locking systems allowing for easy assembly, and new powder based flooring, Nadura and Woodura.

Kronospan and Swiss Krono Group will remain major licensees of Välinge technology and have played an important role in commercialising Välinge's earlier technologies related to floor locking, KKR said in a statement.