Brussels – Recticel completed the sale of the majority of its bedding business on 31 March. It is being sold to Spanish company Aquinos.
'The closing went smoothly,’ said Oliver Chapelle, Recticel’s CEO. ‘It is another essential step in simplifying our structure and realising our strategic objectives.' He also thanked the staff for their professionalism, dedication and loyalty over the years.
Recticel's shareholders agreed to sell the business, which excludes some facilities in the Scandinavian region, to Aquinos at an EGM on Christmas Eve 2021. Recticel put its bedding division on the market in March this year to fund further acquisitions after its purchase of FoamPartner.
The business had sales of EUR225.9m in 2020, and employed 1555 people. The enterprise value was EUR122.4m. Recticel's original aim when it put the business up for sale in March 2021 was to fund its buy-out of the rest of its FoamPartner joint venture with Conzzeta (now Bystronic) of Switzerland.
Recticel has sold its flexible foams business in the Technical Foams division, and the Nordic bedding division to Carpenter. This deal is scheduled to close in the first half of the year.
When that deal completes, Recticel will become a pure-play insulation products company.