Recticel signed a deal with Carpenter for the sale of its Recticel Engineered Foams business line
Recticel is pleased to announce that it has signed a deal with Carpenter, one of the world’s largest producers of foam products, for the sale of its Recticel Engineered Foams business line. At a Special General Meeting held on 6 December 2021, shareholders voted overwhelmingly in favour of the agreement which was first announced on 11 October.
Olivier Chapelle, Chief Executive Officer of Recticel, has expressed his gratitude for the support shown by shareholders who voted in favour of the proposed divestment, which he describes as “the best option to safeguard and promote the potential of the business and its people as well as the interests of our wide shareholder base.”
Rigorously reviewed by the Recticel Board of Directors and the Management Committee, the deal with Carpenter provides a strong strategic fit with Recticel Engineered Foams, with a highly complementary industrial footprint and product portfolio. Like Recticel, Carpenter has a clear customer focus and places high importance on R&D. The synergies between the Recticel Engineered Foams business and Carpenter’s foams business will result in one of the world’s largest vertically integrated manufacturer of polyurethane foams and specialty polymer products. We have no doubt that this will result in new opportunities for all stakeholders.
Closure of the transaction is expected in the second quarter of 2022, subject to regulatory approval. From that point on, we will work closely with Carpenter to ensure business continuity and a smooth transition.