Recticel completes the divestment of its 50% stake in the Eurofoam Flexible Foams joint venture, and the two-step divestment of its Automotive Interiors division
Recticel is pleased to announce the successful completion on 30 June 2020 of both transactions which were announced on 6th April 2020.
Olivier Chapelle (Chief Executive Officer): “The closing of the transactions went smoothly and within the foreseen timeframe, despite the challenging environment. These transformational transactions are key steps to increase the focus of our company, to strengthen our financial position and to realize our strategic objectives. I thank all our colleagues who have contributed to delivering on this timely completion.”
The net cash proceeds from both transactions amounts to about EUR 210 million. Additionally, the leasing debt in application of IFRS16 will decrease by EUR 36 million.