By Liz White, UT staffBrussels-Recticel is buying Spanish flexible foam group Icoa, in a deal which will double its sales in Spain to some Euro 80 million ($96.7 million) The Belgian foamer announced 15 March that is has signed an agreement to buy Icoa's shares from its former owner DINE. The contract awaits approval by the Spanish competition authorities, said Recticel's statement. Icoa, with net sales of about Euro 40 million in 2005, has three foaming plants, in Madrid, Valencia and Vittoria, and three converting plants, in Barcelona, Valencia and Bilbao. The group employs around 200 people.Recticel, whose sales in Spain in 2005 were Euro 40 million in 2005 in Spain, said it now "becomes now the number one in the Iberian peninsula," in flexible foam production. The transaction gives Recticel a share of above 30 percent in the Spanish market, which is a critical size, Recticel said. Its market share in Spain will be comparable to its share in other European countries where the group manufactures, Recticel continued, adding that it has achieved this "in a fragmented market." Recticel expects the acquisition to add to its earnings with a positive EBITDA during 2006. The deal will not affect the Group's debt, said Recticel's statement. During 2005, Recticel pulled out of its bedding joint venture with Spanish firm Pikolin, called Ceadesa, selling its 49 percent stake back to Pikolin. "
