Brussels – Recticel’s sales increased by 15.9% to EUR 256.7m in the first quarter of 2021, according to a trading statement. Integrations, purchases and divestments are all under way, it said.
Q1 sales up, realignment on track at Recticel
'Good volumes in our insulation and engineered foams business lines, combined with substantial price increases, have offset the sales decline in the bedding business lines caused by shopping restrictions,' said CEO Oliver Chapelle.
'Chemical raw material supply remains constrained due to force majeure events and planned maintenance,’ the company said. ‘This creates continued shortages of polyols and isocyanates that our suppliers use to implement price increases.'
Prices are at a historically high place, leading to new all-time highs, Recticel said. ‘The situation is not expected to normalise until Q4 2021,' it added.
Away from prices and trading, Recticel said it has started integrating FoamPartner into its engineered foam business. Due diligence is now under way for its planned Gor-Stal purchase, and the divestment process for its bedding business has begun. All these activities are progressing according to plan, the company said.