Brussels - Belgian foam group Recticel is to acquire the polyurethane foam and wadding products business of Finlayson & Co of Finland. Recticel did not reveal the financial terms of the sale.
The foamer is buying Espe Oy and Ewona Oy, with combined annual sales of Euro 24.9 million in 2006 and about 151 employees between them, and production units in Finland and Estonia.
Espe has a foaming and converting unit in Kouvola, Finland, mainly for the upholstery, furniture and mattress industry, said Recticel's 15 MAy announcement. Espe Esti Oü, the company's Estonian subsidiary operates a foam-converting unit in Tallinn, the Estonian capital.
At its base in Kankaanpää in Finland, Ewona makes wadding products, according to Recticel.These thermally bonded fibre parts are used in bedding, furniture and construction.
The transaction awaits approval by the Estonian antitrust authorities.
This acquisition enables Recticel to enlarge its operations to Finland while strengthening its market position in Northern Europe, the group's announcement said. epw"