Brussels -- Belgian foam maker Recticel rejected a Euro 240 million ($325 million) offer for its insulation business.
Irish insulation group Kingspan made the offer for Recticel's insulation division, which accounted for 13 percent of its sales and 58 percent of its core profit in 2009.
Michel De Smedt, Investor Relations at Recticel, told UTI that the company rejected the offer, which was made in mid-2010. He said that the company had been in the middle of finalising a new business strategy after the appointment of a new ceo, Olivier Chapelle, last April.
De Smedt added that after reflection, the company decided that the insulation business was its most profitable with the biggest potential for cash generation, and the highest growth potential for the future.