Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Ukraine
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
    • UTECH Europe 2021
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
March 31, 2004 12:00 AM

Recticel feels future bright

Utech Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    By Liz White, UT contributing editorBRUSSELS-Belgian foamer Recticel said it had a "disappointing" 2003, but forecasts a profitable 2004, thanks to restructuring, it also sees "strong prospects for 2005."Sales rose only 0.5 percent to €1184 million for 2003, while operating profit was €17.2 million compared to €40 million for 2002. The net result was a loss of €15 million versus €23 million profits in 2002, Recticel said in its results statement. Recticel said its insulation and flexible foam businesses showed strong performance "in spite of the difficult market," while automotive and bedding had lower profitability. The decline is attributable to many external factors-such as lower Ford Mondeo volumes, delays in starting up various automotive contracts, and persistent pressure on consumption in the bedding sector, the firm said.Extraordinary charges of €7 million include the "substantial cost of additional restructuring." Following 500 job cuts in 2002, Recticel has cut another 1000 or so jobs during 2003. In Germany and the Netherlands, the group closed two bedding plants and is now in the process of shutting two conversion units-at Wabern and Bad Ditzenbach-in Germany. The firm also stopped two of the three production lines at its Hulshout plant, in Belgium. The group is also restructuring at 10 other plants, including its headquarters, while "general administration costs and research and development costs were slashed," Recticel's results statement said. Costs of €9 million for these changes were booked to the 2003 accounts.These measures will yield structural savings estimated at €16.3 million for 2004 and €19.3 million for 2005.For 2003, Recticel's results integrated: * The remaining half of Greek flexible foamer Ricomex, representing sales of €2.5 million; * 51 percent of the activities of the Trilport, France, automotive plant-accounting for €2.6 million; * Half of Japanese firm Inorec.Earlier this year, Recticel and Woodbridge Foam's six continental European plants were united in the Recticel Woodbridge Moulded Foam joint venture-which is becoming the leading independent European supplier of moulded foam seating, with a 25-percent market share, Recticel claimed. "

    Recommended for You
    Vita signs bed industry climate pledge
    Vita signs bed industry climate pledge
    huntsman castech 800
    Huntsman dosing system adds recycled filler to cast urethane
    UK competition authority raises concerns about Recticel–Carpenter deal
    UK competition authority raises concerns about Recticel–Carpenter deal
    Latest Issue
    April/May 2022 issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Crain Communications
    11, Ironmonger Lane
    London
    EC2V 8EY
    United Kingdom

    Editorial
    Phone +44 (0) 20 3287 5935
    Email click to send

    Customer Service
    Phone +1 313 446 0450
    Email click to send

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Ukraine
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
      • UTECH Europe 2021
    • Advertise
    • Contact Us
    • Issues
    • Subscribe