By Liz White, UT editor
Brussels-Belgian foamer Recticel announced 26 Sept that it has succeeded in finding a partner for its car interiors division.
Recticel has signed a letter of intent with Nordwind Capital, a German private equity group, based in Munich. Nordwind is already active in the automotive sector, said Recticel's statement.
A definitive agreement is expected by the end of this year, the group added.
All Recticel's interior trim activities will be transferred to a new structure, in which Recticel will hold a minority stake of up to 25 percent, the company said.
Recticel makes flexible foam for bedding and furniture, rigid insulation foam and automotive foam for car seating, as well as an extensive range of other industrial and domestic products. The group has some one hundred establishments in 20 countries. Sales for Recticel in 2005 were nearly Euros 1400 million.
Independent group Nordwind specialises in investments in companies with potential for operational value creation and with operations based in Germany, Austria and Switzerland, according to Recticel's announcement. It has a focus on larger midsize companies and corporate spin-offs, targetting companies with sales of between Euro 100 and 2000 million, "with a solid core business and a good market position," said Recticel.
In the automotive business,Nordwind already owns Schwäbische Hüttenwerke Automotive GmbH, a supplier of technically advanced automotive components, inlcuding hydraulic pumps, powder metallurgy products, and brake disks.