Recticel N.V.'s shareholders have approved a sale of the company's engineered foam business to U.S.-based Carpenter Co., rejecting a takeover attempt by Austria-based Greiner A.G.
The Dec. 6 vote took place at a special general meeting of the company
In a deal valued at $738 million, Richmond. Va.-based Carpenter will acquire manufacturing activities in 34 locations in Europe, North Africa, Asia Pacific and the U.S., with more than 2,700 employees. Much of the business is production of customized, semi-finished products in flexible polyurethane foam for applications such as silencing, sealing, filtering, protecting and providing support and comfort. It had sales of $632 million in 2020.
The sale also includes the former Nordics Bedding activities, with sales of $16.8 million in 2020.
Due diligence has already been finalized, and the transaction is expected to close in mid-2022, subject to antitrust clearances and employee consultation procedures where these are required.
Recticel said that it will review the options for how to use the proceeds of the sale in due course. This might include a partial distribution to shareholders.
"I was particularly honored by the huge mobilization of our shareholders at our special general meeting, as well as by the clear majority of their votes cast in favor of the proposed sale," Recticel CEO Olivier Chapelle said. "This support comforts me and the board of directors that the proposed divestment was the best option to safeguard the potential of the business and our employees."
