Brussels, Belgium – Recticel has gained EUR 120m cash from the sale of its 50% stake in the Eurofoam joint venture with Greiner to its partner, and the sale of 51% of its automotive interiors business to investors Admetos.
Recticel completes sale of auto business and Eurofoam stake
Chapelle: the transactions went smoothly
Both of the deals completed on 30 June 2020.
'The closing of the transactions went smoothly and within the foreseen timeframe, despite the challenging environment,' said Olivier Chapelle, Recticel’s CEO. 'These transformational transactions are key steps to increase the focus of our company, to strengthen our financial position and to realise our strategic objectives.'
Recticel gave a progress report on both deals in early June. This followed an announcement in April. The company had been trying to sell its automotive interiors business since March 2018.
