Brussels – Recticel announced sales of EUR319.7m, up 47.1%, in the third quarter of 2021. The company’s trading statement also said that the Gor-Stal acquisition has stalled.
Recticel sales up, but Gor-Stal acquisition stalls
CEO Olivier Chapelle, said: 'The positive sales trend observed during 1H 2021 continued into the third quarter, driven by very strong demand in insulation. Demand in engineered foam and Bedding has stabilised due to overall hesitating consumer confidence and global supply chain issues.'
He added that chemical raw material supply and prices are stabilising, but volatility remains high. ‘Our commercial teams continue to adapt pricing where necessary,' he said.
Chapelle said that organic growth accounted for 15% of the increase in sales for the first quarter, and the FoamPartner acquisition for EUR66m.
The company, which is subject to a hostile bid from Greiner, also briefly outlined its restructuring and M&A plans. Disposal of the bedding business is going according to plan, Chapelle said.
The acquisition of Gor-Stal has been postponed. 'The owners have informed us recently that they do not want to proceed with the sale citing changed circumstances,’ he said. ‘Recticel will use all legal steps to enforce the acquisition and obtain full damages.'