Recticel expands flex foam operations to Finland
Recticel has signed an agreement to acquire the polyurethane foam and wadding products business from Finlayson & Co of Finland. The acquired companies, Espe Oy and Ewona Oy, have achieved combined annual sales of EUR 24,9 million in 2006 and employ about 151 employees in Finland and Estonia. Espe Oy operates a foaming and converting unit in Kouvola (Finland) mainly for the upholstery-furniture and mattress industry. Espe Esti Oü, Espe Oy’s Estonian subsidiary operates a foam converting unit in Tallinn. Ewona Oy manufactures wadding products (thermally bonded fibre products for the bedding, furniture and construction industry) in Kankaanpää (Finland). The transaction is still subject to the approval of the Estonian antitrust authorities. This acquisition enables Recticel to enlarge its operations to Finland while strengthening its market position in Northern Europe company says.