2023-06-19 22:13:19
Werk von Orsa Foam in Gorla Minore, Italy (Photo: Orsa Group
In mid-June 2023, Recticel (Brussels / Belgium) announced the imminent completion of the sale of technical foams to US competitor Carpenter (Richmond, Virginia / USA). The PU specialist will receive EUR 427 million from the transaction, which is slightly less than initially planned due to the changed conditions following the intervention of the British competition authority CMA.
As a condition for the British approval, Recticel sold two British plants for polyether comfort foams to the holding company GIL Investments (Stratford upon Avon / Great Britain). At the same time, Recticel will retain, at least temporarily, the 33 percent stake in Orsa Foam (Gorla Minore / Italy), which recently had sales of around EUR 106 million, as well as the small US company The Soundcoat Company. While the stake in Orsa is to be sold, Recticel intends to integrate Soundcoat into the remaining insulation segment.
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