Brussels -- PU foam maker Recticel has announced that UK-based asset management firm BNP Paribas Investment Partners holds more than 3% of the company through a share index acquisition.
London-based BNP Paribas purchased the shares following Recticel’s issuance of over 453,000 new ordinary shares admitted for trading on Euronext Brussels from 2, July.
As previously reported at UTECH-polyurethane.com, 2013 was a difficult year for the company. Following a cartel fine from European Commission, the company reported a drop in EBITDA (earnings before interest, taxes, depreciation and amortisation) from EUR66m ($89m) in 2012 to EUR13.6m in Q1 2013
This year, as also previously reported at UTECH-polyurethane.com, the company's sales increased 3.4% (EUR255.9m) during Q1 2014 compared to the same period in 2013 (EUR247.5m).
XE Currency conversion: 7 July, 2014