At the Special Shareholders Meeting of Recticel, which took place yesterday, all proposed resolutions regarding the sale of the Engineered Foams business line to the US company Carpenter were approved. 73.93% of all outstanding shares were present or represented.

 

  • Binding agreement signed with US-based Carpenter Company, one of the world’s largest integrated polyurethane foams producers 
  • Cash consideration based on an enterprise value of EUR 656 million on a cash and debt free basis 
  • Strong strategic fit, highly complementary geographic presence and product offerings 
  • Transaction subject to customary closing conditions and employee information and consultation procedures 

 

Recticel Engineered Foams is the proud winner of the UTECH Europe Automotive Award for product and innovation. Held in Maastricht, Netherlands, from 16-18 November 2021, UTECH Europe is the leading international exhibition and conference for the global polyurethanes industry. Recticel won the award for OBoNature™, a new foam family based on sustainable raw materials. 

 

Recticel notes the recommendation from leading independent proxy advisory firms Institutional Investment Shareholder Services Inc. (ISS) and Glass Lewis Europe Ltd. (Glass Lewis) that Recticel shareholders vote “FOR” both resolutions regarding the earlier announced intended sale of its Engineered Foams business to Carpenter Co. The resolutions concerned are submitted for approval at the Special General Meeting (SGM) to be held on December 6, 2021 and form an essential element for Recticel’s strategic plan.

 

  • Binding agreement signed with Aquinos Group, one of the largest European mattress and upholstery manufacturers 
  • Cash consideration based on an enterprise value of EUR 122.4 million on a cash and debt free basis 
  • Strong strategic fit, highly complementary geographic presence and product offerings 
  • Transaction subject to shareholder approval and customary closing conditions and consultations

 

 

On 6 December 2021, Recticel will hold a Special Shareholders Meeting during which the sale of the Engineered Foams business line to the US company Carpenter will be proposed. 

Information regarding the proposed transaction, as well as all practical provisions to attend and vote at the Special Shareholders Meeting are available on www.recticel.com or directly via www.recticel.com/sgm-yourvotecounts.

 

Recticel announces the publication of the Response Memorandum related to the unsolicited Offer by Greiner AG. The Response Memorandum was approved by the FSMA on 28 October 2021 and can be found on the company’s website: www.recticel.com/recticel-replies.html. 

 

  • Net sales 3Q2021 increase from EUR 217.4 million in 3Q2020 to EUR 319.7 million (+47.1%), of which +15.8% organic growth, +0.5% currency effect and a EUR 66.1 million contribution from FoamPartner 
  • Year-to-date September 2021 net sales increase from EUR 591.6 million in 9M2020 to EUR 915.9 million (+54.8%), of which +31.2% organic growth, +0.2% currency effect and a EUR 138.0 million contribution from FoamPartner
  • Net financial debt: EUR 189.0 million (30 June 2021: EUR 206.6 million) 

 

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