INTERPLASP
Spanish PU flexible block foams specialist to be taken over by India's Sheela Foam
Interplasp's plant in Yecla / Spain (Photo: Interplasp)
In a company announcement on the Bombay Stock Exchange BSE, PU foam manufacturer Sheela Foam (Mumbai, Maharashtra / India; www.sheelafoam.com) has announced it is planning to buy Spanish competitor Interplasp (Yecla; www.interplasp.com). The purchase price is estimated at EUR 42m for almost 94% of the shares. The remaining stake will be held by three Interplasp managers.

The transaction is expected to be completed by the end of September 2019. For Sheela Foam, which has so far been focused on India, this would be the second activity outside its home market and its first mainstay in Europe.

In 2018, Interplasp produced around 11,000 t of PU foams at its plant in Yecla with a total capacity of 22,000 t/y. Over the past three years, sales have risen significantly from EUR 15.9m in 2016 to EUR 31.6m in 2018. Most of this is generated in Spain and Portugal, but Interplasp has recently built up a sales presence in Morocco too, which seems to be of interest to Sheela.

The Indian company led by managing director Rahul Gautam generated sales of INR 19.8 bn (EUR 245m) and a profit of EUR 16.5m in the financial year ending 31 March 2019. The domestic market is responsible for 84% of its turnover.

According to the latest information, Sheela operates ten plants across India for the production and processing of PU flexible block foams. It claims a total capacity of 123,000 t/y, while the actual volume produced with machines made by the German company Hennecke (St. Augustin; www.hennecke.com) was recently at around 55,000 t. Two thirds of the capacity is processed into mattresses and furniture upholstery, and the other third consists of technical polyester and polyether foams. The company’s latest product is “Contact Bio”, a PU foam based on soy feedstock.

Sheela’s first step outside the domestic market was the acquisition of Joyce Corporation (Sydney / Australia) with its subsidiaries Joyce Indpac and Marfoam in 2017. Five plants in Australia were part of the deal. The site in Sydney has the capacity to produce 10,500 t/y of foam, which is then processed at the other four Australian facilities.
08.08.2019 Plasteurope.com [243115-0]
Published on 08.08.2019
Interplasp: Spanischer PUR-Spezialist vor Kauf durch indische SheelaGerman version of this article...

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