Brussels, Belgium — Recticel has reportedly started a process to sell its automotive division, according to De Tijd, a Belgian newspaper.
De Tijd said that the process is believed to be in its initial phase. It added that the Belgian PU specialist has hired consultancy firm EY to help with the disposal.
The planned transaction could be worth up to EUR 150m, according to data obtained from securities and brokerage firm KBC Securities.
Recticel says its interiors division is the sole worldwide supplier of patented polyurethane sprayed skins for automotive interiors.
The potential sale would allow the group to focus on its remaining three divisions: insulation, bedding and flexible foam.
Headquartered in Brussels, Recticel employs 7,295 people worldwide, and it is present in 28 countries.
The Belgian manufacturer owns 98 production facilities and offices. Of these, ten production facilities are part of the automotive interiors division.
Eight of the seating division (Proseat), according to figures from the company