Brussels --- Belgian foam group Recticel said 22 Dec that it has decided to sell its remaining loss-making car-window encapsulation activities in Gilly (Belgium) to Group Strazzante. Recticel said the activities are no longer part of its core business.
The sale, subject to certain conditions, will be finalised before the end of this year, and the 100-strong workforce will be transferred to Strazzante, which is an industrial group active in the Charlerloi region of Belgium.
After the group sold its window encapsulation activities in France and the Czech Republic to Asahi Glass Co. (AGC) at the end of 2005, it maintained a very limited presence in this sector, consisting of specific solutions (add-ons, electrical connections, seals) for car-window encapsulation, from the site at Gilly. This business has an annual turnover of about Euro 3.7 million ($5.3 million).
Once the sale is complete, Recticel will no longer have any activities in car-window encapsulation.
The cost of the transaction will be recorded in Recticel's consolidated results of 2009. (LW)