Brussels – Recticel has announced a binding agreement to sell most of its Bedding Division to Portugal's Aquinos in a deal that values it at EUR122.4m.
Recticel expects that the deal will make EUR97m after transaction costs.
The Nordic bedding division, which has three plants in Sweden, will remain part of Recticel, and will become the Living and Care business in the company's technical foams business.
The part of the business that is being sold had sales of EUR225.9m in 2020, and employs 1555 people at nine sites spread between Austria, Belgium, Germany, Poland, Romania and the Netherlands.
Recticel's bedding division makes PU mattresses and other products, including bases and boxsprings. They are marketed under brand names such as Beka, Lattoflex, Geltex, Superba, Swissflex, Sembella and Schlaraffia.
Recticel put its bedding division on the market in March this year to fund further acquisitions after its purchase of FoamPartner.