Brussels - Belgian foam maker Recticel and Pikolin, the leading manufacturer of bedding in Spain, have opened negotiations for the takeover by Pikolin of Recticel's 50 percent shareholding in their French joint venture COFEL.
An 11 June statement from Recticel said that COFEL (Compagnie Financiere Européenne de Literie sas) is the market leader in bedding in France through the brands EPEDA, Merino and Bultex.
In 2008, COFEL had a net turnover of Euro 153 million ($215.4 million) and made 1.2 million mattresses and 0.3 million slat bases and bed bases. The group has its headquarters in Paris, and five plants in France (Langeac, Limoges, Noyen, Perriers and Vesoul) with a workforce of about 850.
If the negotiations are successful, Pikolin will become full owner of COFEL.
This transaction should have no impact on employment at COFEL, said Recticel, pointing out that the transaction needs the approval of the French competition authorities. It is also subject to social consultation procedures, under French law.