Recticel - The passion for comfort
As an international industrial player, we want to make an essential difference in daily comfort for everyone. Relying on our competences, our profound expertise in the transformation of polyurethane chemistry, we are committed to providing responsible answers to the various challenges and needs of our time, and to creating shared value for Recticel and society. In an efficient, sustainable and balanced manner, we aim to add value and achieve steady, profitable growth for all our clients and shareholders.
We serve diverse markets, primarily in Europe, which accounts for around 93% of our net sales. We are also active in the USA and Asia, where we support our industrial clients in finding innovative, sustainable solutions by implementing ever more responsible and value-creating products and services.
Our business lines
Our core portfolio is organised around three application areas: Engineered Foams, Insulation and Bedding.
Our Engineered Foams business line develops and produces a wide variety of solutions with product attributes such as silencing, sealing, filtering, carrying, protecting, supporting and comforting. These solutions, predominantly based on flexible polyurethane foam products, are found in various B2B markets and segments.
Our Insulation business line offers high-quality thermal insulation products that are used immediately in construction projects and building renovations. Our insulation products are marketed under well-known brand and product names: Eurowall®, Powerroof®, Powerdeck®, Powerwall®, Xentro®, etc.
In our Bedding division, we market consumer-ready mattresses, slat bases and box springs under well-known brand names like Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Semballa®, Superba®, Swissflex®, etc., as well as ingredient brands such as GELTEX® inside and Bultex®.
Our automotive joint ventures
On 30 June 2020, Recticel sold its Automotive Interiors business to a new joint venture holding company, controlled by Admetos who will own 51% of its shares, with Recticel detaining the other 49%. The new joint venture will allow Automotive Interiors to build on its leading patented interior trim technology, to further develop its customer base, and to expand its geographic footprint.
The Automotive Interiors division develops and produces high-quality interior trim materials in light-stable material for the benefit of Tier 1 and OEM automotive manufacturers. This patented polyurethane-based technology – branded Colo-Fast® and Colo-Sense® Lite spray – offers absolute design freedom, excellent aging and scratch resistance characteristics, while weighing 40% less than comparable traditional thermoplastics.
In 2019, Recticel divested from its Proseat activities. The new joint venture between Sekisui (75%) and Recticel (25%) will allow Proseat to build on its leading position as Europe’s largest independent automotive moulded seat foam manufacturer and to further expand its customer base and its product portfolio.
Divesting from the Automotive business, simplifying our Group structure and constituting a solid financial base will enable the execution of our growth strategy.
On 30 June 2020, Recticel partially sold its Automotive Interiors business and fully divested its 50% participation in the Eurofoam joint venture (Flexible Foams). As a consequence of this, Automotive Interiors is - as from 2020 - integrated in the consolidated accounts according to the ‘equity method’, and is - as discontinued activities - no longer reported separately. The historical figures below have not been restated to this change in scope; hence are shown 'as published' during the previous periods.
*Proseat, which was partially divested in 2019, is integrated in the 2019 combined figures according to the ‘equity method’, i.o. previously on a proportionate basis. 2019 figures are also shown including impact of IFRS 16. Figures of previous years have not been restated accordingly.
All graphs below refer to the situation on 31 December 2019.
Combined sales & growth rates
Combined Adjusted EBITDA & Adjusted EBITDA margin
Combined earnings after taxes & EAT margin
Shareholders' equity (Group share)
Combined Gearing and Leverage
Combined net financial debt