By Liz White, UT editor
Brussels-Recticel NV has announced that it is in discussions which may result in the Belgian foamer finding a partner for its automotive interiors business.
The group announced in May 2005 that it wanted a partner for these activities and said it would approach various potential investors-both industrial and financial groups-about taking an interest in the Spray polyurethane trim business.
Now it says the current talks "could lead to exclusive negotiations with a financial partner having experience in the automotive industry."
Spray technology for car interior trim, based on Recticel's Colofast aliphatic polyurethane systems, has been a successful technology for the group since its introduction in the 1990s. It has grown to a Euro163 million turnover by 2004, with most major car makers being clients of Recticel, the company claims. But Recticel found it could not fund the investment needed to expand further, particularly since its strategy aims to reduce the group's debt.
Recticel announced 22 August this year that, having spent several months studying various possibilities for cooperation, it now has approval from its board for further discussions with a specific but unnamed investor.