Brussels – Recticel has sold its half of the Eurofoam JV to partner Greiner and, separately, joint ventured its automotive interiors business.
Olivier Chapelle, CEO said: 'Both transactions are essential and transformative steps.' He added that the moves simplify Recticel's structure.
Greiner first publicly expressed an interest in owning all of Eurofoam when it appeared as a third party in Kingspan's abortive bid for Recticel in April last year.
Recticel and Greiner formed a joint venture in 1992 to make flexible foams in Eastern Europe. It was extended in 1997 when both companies added their businesses in Germany and Austria. The JV had sales of around EUIR 400m in 2019 and employed 2100 people.