RECTICEL
Sale of technical foam ops to Carpenter nears end
Recticel (Brussels; www.recticel.com) has announced the imminent completion of the sale of its technical foams operations to US competitor Carpenter (Richmond, Virginia; www.carpenter.com), with the European polyurethane specialist set to receive EUR 427 mn from the transaction, a touch less than originally envisaged due to changes following the intervention of UK competition authority CMA.
 The Orsa Foam plant in Gorla Minore, Italy (Photo: Orsa Group) |
As a condition for the approval, Recticel has sold two UK plants for polyether comfort foams to investment company GIL Investments (Stratford upon Avon, UK; www.gilinvest.com). GIL’s portfolio in the plastics sector includes VIP Polymers (Huntingdon, UK; www.vip-polymers.com), a manufacturer of gaskets and flanges for gas and water pipes.
Related: Slump in Recticel's revenues following Trimo acquisition
At the same time, Recticel is to retain, at least temporarily, a 33% stake in Orsa Foam (Gorla Minore, Italy; www.orsafoam.it) with a turnover of about EUR 106 mn at last count, and the small US firm The Soundcoat Company. While the share in Orsa is to be sold, Recticel plans to integrate Soundcoat into the remaining insulation segment.
16.06.2023 Plasteurope.com [252967-0]
Published on 16.06.2023
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