Olivier Chapelle, Recticel's CEO, said: '[The deal] marks an important step in our strategic portfolio reorientation. This is a unique opportunity to expand its product offering in technical and specialty foams, and it increases our reach in Asia and North America.'
He expects the acquisition to start contributing to margins during the first year of its ownership. There should also be savings of around EUR14m in the first year, and EUR10m each year afterwards.
Michael Riedel, FoamPartner's CEO, said: 'As part of Recticel, we'll gain access to additional resources. I am proud of our whole team and our recent progress.
The business will fit with Recticel's existing flexible foams division. It will be part of a new engineered foam division.
With the acquisition, Recticel gains three sites in North America. At Rochester Hills, Michigan, the FoamPartner business makes flexible blocks and systems for moulded foam. The deal also includes converting and sales operations in Greer and Piedmont, both in South Carolina.
In the Far East, the deal will give Recticel a foam production plant in Changzhou, Jiangsu. Sales offices in Shanghai and Singapore are also included.
The Swiss conglomerate Conzzeta is refocusing its business on metal processing. In the first half of 2020, the division that included FoamPartner generated sales of CHF121.1m (EUR112m) and its EBIT was CHF1.7m.
Recticel's foam business had sales of EUR147.1m in the first half of 2020, and adjusted EBITDA of 10.3m.