Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Coronavirus
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
    • Wanhua completes MDI expansion in Yantai
      Sheela Foam suspends production at Jalpaiguri
      Slentex gains first industrial application
      Turkish sandwich panel maker expands to Azerbaijan
    • Casper 2020 sales up 9%, losses fall
      Coronavirus took 67% off Magna's seating earnings in 2020
      Fictiv raises $35m to expand digital manufacturing services
      Ingevity to make Capa polyols in Louisiana
    • Depressed automotive demand in 2020 hit Faurecia's numbers
      New conductive PU potting compound
      Kingspan profits up slightly in 2020
      PU increases recovery in precious metal mining for FLSmidth
    • Turkish sandwich panel maker expands to Azerbaijan
      BPCL Polyol project in doubt
      PPG buys polyurea company Versaflex
      Recticel buys FoamPartner
    • Depressed automotive demand in 2020 hit Faurecia's numbers
      Casper 2020 sales up 9%, losses fall
      Coronavirus took 67% off Magna's seating earnings in 2020
      Kingspan profits up slightly in 2020
    • Depressed automotive demand in 2020 hit Faurecia's numbers
      Global car sales on rise in January 2021
      Coronavirus takes 14% off Lear's top line
      Coronavirus suppression squeezes western Europe vehicle demand
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
    • China’s PU industry on the path to recovery; plans for technology upgrades
      Chinese cold chains grow bigger
      Flexible foam rises to challenges in the Middle East and Africa
      Life at the cross-roads: what does the GCC offer PU?
    • Europe's flexible foam makers face rising prices as outages hit markets
      Western European car registrations rebound slowed in September
      Western European car registrations regained some ground in August
      Western European Car registrations rebound continued in July
    • Take out the VOC with hybrid release agents
      Batteries give pultrusions power
      Seeing a way through VOC and FOG
      Aromatic polyols for simpler rigid PU formulations
    • Hennecke and Frimo: an automotive partnership
      Pushing ahead: AutoRIM drives KM’s UK growth
      BASF opens it first ‘Creation Center’ in Mumbai with a PU twist
      Persistence pays off for CTM
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
April 06, 2020 01:15 PM

Recticell sells Eurofoam stake to Greiner, jv's auto business

Utech Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    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.

    Kuhner: happy with the deal

    Axel Kuhner, Greiner's CEO said the purchase would make his company 'able to both further strengthen our global competence in the foam segment and push even harder for future expansion.'

    Recticel has been trying to sell the automotive interiors business since March 2018.  It has now transferred the business to a new holding company in which it has 49% ownership. The remainder belongs to Admetos an investment company. In the agreement Admetos can force Recticel to sell its stake, or Recticel can force Admetos to buy its stake after March 2024. The price will depend on the business EBITDA.

    Automotive interiors employs 1400 people it has five sites in China, two in the Czech Republic and two in the US. Sales were EUR 183.5m in 2019.

    Overall, Recticel will gain EUR 120m in cash from both deals.

    Recommended for You
    Depressed automotive demand in 2020 hit Faurecia's numbers
    Depressed automotive demand in 2020 hit Faurecia's numbers
    Wanhua completes MDI expansion in Yantai
    Wanhua completes MDI expansion in Yantai
    Casper 2020 sales up 9%, losses fall
    Casper 2020 sales up 9%, losses fall
    Latest Issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Office 127,
    61, Willow Walk,
    London
    SE1 5SF
    E-mail us
    +44 (0) 203 287 5979

    Customer Service:
    +1 313 446 0450

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • Coronavirus
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
    • Advertise
    • Contact Us
    • Issues
    • Subscribe