RECTICEL
Sale completed of share in Proseat automotive products JV / Sekisui Plastics majority owner
 Recticel has closed the divestment transactions for Proseat (Image: Proseat) |
Belgian PU foams specialist Recticel (Brussels; www.recticel.com) on 19 February 2019 completed the sale of its 75% share in European automotive products company Proseat (Mörfelden / Germany; www.proseat.de) to Sekisui Plastics (Osaka / Japan; www.sekisuiplastics.com) – see Plasteurope.com of 15.01.2019.
In a first step, Recticel had to buy the 49% stake it did not own in Proseat from Canadian partner Woodbridge Foam (Mississauga, Ontario; www.woodbridgegroup.com) before it could sell the larger share to Sekisui. Net proceeds from both transactions amounted to about EUR 12m. “The closing went smoothly and within the foreseen timeframe,” said Recticel CEO Olivier Chappelle. “This transaction will enable us to further concentrate on the development of our core activities, with a special focus on our insulation business.”
Recticel has retained a 25% share in Proseat, which makes moulded seat cushions, with an option to sell the remaining stake no later than 1 January 2022.
In a first step, Recticel had to buy the 49% stake it did not own in Proseat from Canadian partner Woodbridge Foam (Mississauga, Ontario; www.woodbridgegroup.com) before it could sell the larger share to Sekisui. Net proceeds from both transactions amounted to about EUR 12m. “The closing went smoothly and within the foreseen timeframe,” said Recticel CEO Olivier Chappelle. “This transaction will enable us to further concentrate on the development of our core activities, with a special focus on our insulation business.”
Recticel has retained a 25% share in Proseat, which makes moulded seat cushions, with an option to sell the remaining stake no later than 1 January 2022.
27.02.2019 Plasteurope.com [241834-0]
Published on 27.02.2019
German version of this article...