Brussels – A Recticel EGM has approved the sale of the bulk of its bedding business to Spanish company Aquinos for cash.
The deal was approved on the basis of an enterprise value of EUR122.4m. Aquinos will get all of Recticel's bedding business apart from the Nordic bedding division.
Aquinos is buying a business with sales of EUR225.9m in 2020, and which employs 1555 people at nine sites spread between Austria, Belgium, Germany, Poland, Romania and the Netherlands.
The deal is expected to close in the first quarter of 2022.
Recticel, which is the subject of an unwelcome offer from Austrian conglomerate Greiner, put its bedding business up for sale in March 2021 to fund further acquisitions after it purchased the stake owned by Swiss company Conzzeta (now Bystronic) in their FoamPartner joint venture.
As a result of the Greiner offer, Recticel has sold its flexible foams business in the Technical Foams division, and the Nordic bedding division to Carpenter.
The results of Greiner's offer for Recticel shares which closes on 7 January 2022 is expected on 14 January.