Brussels -- The Spanish division of polyurethane bedding and insulation group Recticel is to close several of its activities in the country, the company said in an 11 Feb statement.
The company said its flexible foams business had been badly hit by the economic crisis in Spain.
Recticel Spain lost 20 percent of its volume in its Comfort range between 2007 and 2010, the statement said, while the total flexible foam capacity in the Spanish market exceeds needs by 40 percent.
The firm is closing its foaming plant in Leguitiano, Alava, one of three in the country, as well as its foam converting activities in Santa Perpetua de Mogoda in Barcelona. Rectical's Transfoam polyurethane part production facility in Valencia is also to close.
Some 242 people are employed in the firm's Spanish flexible foams business, of which about 90 are to be made redundant, the company said.
Michel De Smedt, Recticel Investor Relations, told UTI that the exact cost of the closures was not yet known as the company needed to take into account a number of factors, but he added that Recticel would provide any further information when it announces its end of year results at the beginning of March 2011.