Recticel divests its Automotive Interiors division and its 50% stake in the Eurofoam Flexible Foams joint venture
Recticel announces that it has entered into a binding agreement in order to bring its Automotive Interiors business in a new joint venture under the control of Munich-based privately owned investment company Admetos GmbH. In addition, Recticel has also reached a binding agreement with Greiner AG to divest its 50% participation in the Eurofoam joint venture. Following the divestment of the Proseat activities in 2019, these two deals will fundamentally refocus Recticel on its higher value added activities, and provide increased flexibility to pursue strategic development opportunities in the future.
Chief Executive Officer Olivier Chapelle commented: “Both transactions are essential and transformational steps to realize our strategic objectives. Divesting from the Automotive business, simplifying our Group structure and constituting a solid financial base will enable the execution of our growth strategy. I’m happy that we have found with Admetos a partner with strong capabilities to leverage the potential of the Automotive Interiors’ proprietary technology and of its qualified team. I also want to thank the Greiner AG group for the more than 27 years of fruitful cooperation with Recticel as co-shareholder of Eurofoam.”