Brussels – Poor automotive and flexible foam markets hit Recticel's performance in the third quarter of 2019. Prices fell as the price of raw materials dropped.
There is a silver lining, 'We are pleased that our bedding division has confirmed return to growth,' said Oliver Chapelle CEO.
Volumes in the insulation division are strong, but 'intense price competition continues to weigh on the margins,' he added.
Sales in the third quarter were EUR 293.6m in compared with EUR 3123.9m in the third quarter of 2018. The numbers were released in a trading statement to the Belgian stock market.
Sales for the first nine months of the year were down by 7.3% ate EUR 922.4m from EUR 996.6m in the same period in 2018.
Chapelle added that his company was progressing towards the sale of its automotive division. An announcement is expected 'around the year-end.'
