Carpenter Completes Acquisition of Recticel’s Engineered Foams Business

Belgian foam maker Recticel has signed a binding agreement to sell its engineered foam business to US-based Carpenter Corp., subject to customary closing conditions, including antitrust clearance.

Carpenter and Recticel received such permission from the UK Competition and Markets Authority (CMA) on April 12, 2023, and subsequently signed on April 17, 2023 to place two UK comfort foam production plants (CMA compliant) remedies) divested to GIL Investments Limited. Once all conditions are met, Carpenter and Recticel can proceed to complete the main transaction.

Olivier Chapelle, CEO of Recticel, said: “I am delighted that we have finally been able to complete the divestiture of Carpenter’s engineered foam business, as this will allow us to focus on expanding our insulation business. The revised scope of the transaction is mainly due to Regulatory and strategic reasons.”

“Recticel is now poised to move forward as a pure-play player in the insulation space, focused and cash-rich, driven by ambitious growth, innovation and sustainability targets.”

Brad Beauchamp, Chief Executive Officer of Carpenter, added: “We are delighted to have completed this transaction, as it represents a unique opportunity for Carpenter to add a range of locations and business units, as well as a commitment to delivering quality products and serving people. This transaction will accelerate Carpenter’s growth across the flexible polyurethane foam end markets.”

The deal value was revised to EUR 454.1 million, while retaining a 33% stake in the Italian company Orsa Foam and a 100% stake in The Soundcoat Company Inc (USA).