Recticel announces that it has entered into a binding agreement in order to bring its automotive interiors business in a joint venture under the control of Munich-based privately owned investment company Admetos.
In addition, Recticel has reached a binding agreement with Greiner AG to divest its 50% participation in the Eurofoam joint venture. The ventures follow the divestment of the Proseat activities last year.
Chief executive officer, Olivier Chapelle, says, “Both transactions are essential and transformational steps to realize our strategic objectives. Divesting from the automotive business, simplifying our group structure and constituting a solid financial base will enable the execution of our growth strategy.”