Recticel: Sale of stake in Eurofoam JV and divestment of Automotive Interiors division completed
On 30 June 2020 Recticel announced the successful completion of the divestment of its 50 % stake in the Eurofoam Flexible Foams joint venture, and the two-step divestment of its Automotive Interiors division. Both transactions were announced on 6 April 2020.
Olivier Chapelle, Chief Executive Officer of Recticel, said: “The closing of the transactions went smoothly and within the foreseen time frame, 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, said Recticel.