Foam processor Recticel (Brussels / Belgium; www.recticel.com) has completed the divestment of its 50% stake in joint venture Eurofoam (Vienna / Austria; www.eurofoam.eu) as well as the sale of its Automotive Interiors business unit, which were announced in April (see Plasteurope.com of 09.04.2020).

“The closing of the transactions went smoothly and within the foreseen timeframe, despite the challenging environment,” said CEO Olivier Chapelle. Net cash proceeds from both divestments amount to approximately EUR 210m. The company said leasing debt will decrease by EUR 36m, in implementation of the “IFRS 16” standard. With both transactions, the CEO is maintaining his course towards higher-margin products – including insulation boards made of polyurethane and PIR materials – which had begun with the sale of the majority of the “Proseat” activities (see Plasteurope.com of 27.02.2019).

Eurofoam, which is reported to have a turnover of around EUR 400m, has now been completely taken over by Greiner (Kremsmünster / Austria; www.greiner.at). The Austrian packaging manufacturer had been a co-owner of Eurofoam for 27 years and already submitted a bid along with Kingspan (Kingscourt / Ireland; www.kingspan.com) in 2019. At the time, the Belgian PU specialist rejected the offer, believing a sale would not have been in the interest of its shareholders (see Plasteurope.com of 29.04.2019).

The Automotive Interiors division, which includes the production of instrument panels and door trim panels, will be combined in a new joint venture under the control of investment firm Admetos (Munich / Germany; www.admetos.eu). Admetos will initially hold 51% of the shares, with an option to acquire the remaining 49% in 2024 being part of the agreement.