Company News

November 18, 2021

BASF Increasing Systems Prices

BASF to increase prices for polyurethane systems products in North America

WYANDOTTE, MI, November 17, 2021 – BASF will increase prices for polyurethane systems products in North America for orders shipping on or after December 1, 2021, or as contracts allow.  Please note the required increase will depend on the particular chemistry of each polyurethane system.

https://www.basf.com/us/en/media/market-news-/2021/basf-to-increase-prices-for-polyurethane-systems-products-in-nor2.html

November 18, 2021

Recticel to Divest Bedding

Recticel enters into binding agreement with the Aquinos Group on the divestment of its Bedding business line

Regulated information, Brussels, 18/11/2021 — 07:00 CET, 18.11.2021

  • Binding agreement signed with Aquinos Group, one of the largest European mattress and upholstery manufacturers 
  • Cash consideration based on an enterprise value of EUR 122.4 million on a cash and debt free basis 
  • Strong strategic fit, highly complementary geographic presence and product offerings 
  • Transaction subject to shareholder approval and customary closing conditions and consultations

Recticel announces that it has entered into a binding agreement to sell its Bedding business line to the Portuguese privately owned Aquinos Group.

Under the terms of the agreement the Bedding business line, will be sold to the Aquinos Group for an enterprise value of EUR 122.4 million. The transaction is expected to be closed in the first quarter of 2022, subject to customary closing conditions and consultations. The Nordic bedding activities will remain with Recticel and be integrated in the Living & Care segment of Recticel Engineered Foams. The net proceeds after transaction costs are expected to amount to EUR 97 million subject to closing adjustments. EUR 17.9 million IFRS 16 liabilities will be transferred as well.

Recticel’s Bedding business line develops and produces consumer-ready mattresses, slat bases and box springs, primarily marketed under popular brand names such as Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Superba® and Swissflex®, as well as ingredient brands including GELTEX inside®. The Bedding activities currently consist of 9 manufacturing locations in seven EU countries – Austria (1), Belgium (2), Germany (2), Poland (1), Romania (1), Switzerland (1) and The Netherlands (1) – employing around 1,555 people. In 2020 the business line generated total sales of EUR 225.9 million, excluding the Nordic bedding activities.

The Aquinos Group, founded in 1985, is privately owned and headquartered in Sinde – Tábua (Portugal). Aquinos is one of the largest producers of furniture upholstery and mattresses in Europe with more than 3,300 employees and production sites in Portugal, France, and Poland. Aquinos, with 2020 annual sales of EUR 370 million, intends to further develop its bedding activities by complementing its existing product offering with strong brands, and expanding its customer base and geographic reach.

https://www.recticel.com/recticel-enters-binding-agreement-aquinos-group-divestment-its-bedding-business-line.html

November 18, 2021

Recticel to Divest Bedding

Recticel enters into binding agreement with the Aquinos Group on the divestment of its Bedding business line

Regulated information, Brussels, 18/11/2021 — 07:00 CET, 18.11.2021

  • Binding agreement signed with Aquinos Group, one of the largest European mattress and upholstery manufacturers 
  • Cash consideration based on an enterprise value of EUR 122.4 million on a cash and debt free basis 
  • Strong strategic fit, highly complementary geographic presence and product offerings 
  • Transaction subject to shareholder approval and customary closing conditions and consultations

Recticel announces that it has entered into a binding agreement to sell its Bedding business line to the Portuguese privately owned Aquinos Group.

Under the terms of the agreement the Bedding business line, will be sold to the Aquinos Group for an enterprise value of EUR 122.4 million. The transaction is expected to be closed in the first quarter of 2022, subject to customary closing conditions and consultations. The Nordic bedding activities will remain with Recticel and be integrated in the Living & Care segment of Recticel Engineered Foams. The net proceeds after transaction costs are expected to amount to EUR 97 million subject to closing adjustments. EUR 17.9 million IFRS 16 liabilities will be transferred as well.

Recticel’s Bedding business line develops and produces consumer-ready mattresses, slat bases and box springs, primarily marketed under popular brand names such as Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Superba® and Swissflex®, as well as ingredient brands including GELTEX inside®. The Bedding activities currently consist of 9 manufacturing locations in seven EU countries – Austria (1), Belgium (2), Germany (2), Poland (1), Romania (1), Switzerland (1) and The Netherlands (1) – employing around 1,555 people. In 2020 the business line generated total sales of EUR 225.9 million, excluding the Nordic bedding activities.

The Aquinos Group, founded in 1985, is privately owned and headquartered in Sinde – Tábua (Portugal). Aquinos is one of the largest producers of furniture upholstery and mattresses in Europe with more than 3,300 employees and production sites in Portugal, France, and Poland. Aquinos, with 2020 annual sales of EUR 370 million, intends to further develop its bedding activities by complementing its existing product offering with strong brands, and expanding its customer base and geographic reach.

https://www.recticel.com/recticel-enters-binding-agreement-aquinos-group-divestment-its-bedding-business-line.html

November 17, 2021

Hankins Inducted into UTECH Hall of Fame

Huntsman’s Tony Hankins Inducted into UTECH Hall of Fame
Maastricht, The Netherlands – On the opening day of the UTECH Europe Exhibition & Conference in Maastricht, The Netherlands, Tony Hankins, President of Huntsman’s Polyurethanes division, was inducted into the prestigious UTECH Hall of Fame. 

At a special ceremony held on Tuesday 16 November, Tony Hankins joined a select group of senior polyurethane industry executives and thought leaders whose work in the world of polyurethanes is celebrated. The UTECH Hall of Fame recognizes leaders who have made a significant contribution to the global polyurethane industry and have spent at least 25 years working within the sector. Inductees are decided by an independent judging panel, which this year included representatives from Covestro, EUROPUR, ISOPA, Kingspan, Laaderberg, Polychemtech and Vitagroup. 

Speaking at the event, Tony Hankins said: “I learned early in my career that the secret to longevity in this industry is to surround yourself with great people. So, I’d like to dedicate this award to the 4,000 employees in the Huntsman Polyurethanes business and thank them for their creativity and commitment. There are few industries in the world that are still going strong after 60 years; yet polyurethanes continues to enjoy sustainable growth. We undoubtedly have a bright future ahead.” Tony Hankins has worked in the polyurethanes industry for more than 30 years. 

Huntsman’s global Automotive team was also shortlisted as a finalist in the UTECH Europe Automotive Awards for its ultra-low emission ACOUSTIFLEX® LE and RUBIFLEX® LE polyurethane-based foam systems for manufacturing sustainable car interiors.

November 17, 2021

Hankins Inducted into UTECH Hall of Fame

Huntsman’s Tony Hankins Inducted into UTECH Hall of Fame
Maastricht, The Netherlands – On the opening day of the UTECH Europe Exhibition & Conference in Maastricht, The Netherlands, Tony Hankins, President of Huntsman’s Polyurethanes division, was inducted into the prestigious UTECH Hall of Fame. 

At a special ceremony held on Tuesday 16 November, Tony Hankins joined a select group of senior polyurethane industry executives and thought leaders whose work in the world of polyurethanes is celebrated. The UTECH Hall of Fame recognizes leaders who have made a significant contribution to the global polyurethane industry and have spent at least 25 years working within the sector. Inductees are decided by an independent judging panel, which this year included representatives from Covestro, EUROPUR, ISOPA, Kingspan, Laaderberg, Polychemtech and Vitagroup. 

Speaking at the event, Tony Hankins said: “I learned early in my career that the secret to longevity in this industry is to surround yourself with great people. So, I’d like to dedicate this award to the 4,000 employees in the Huntsman Polyurethanes business and thank them for their creativity and commitment. There are few industries in the world that are still going strong after 60 years; yet polyurethanes continues to enjoy sustainable growth. We undoubtedly have a bright future ahead.” Tony Hankins has worked in the polyurethanes industry for more than 30 years. 

Huntsman’s global Automotive team was also shortlisted as a finalist in the UTECH Europe Automotive Awards for its ultra-low emission ACOUSTIFLEX® LE and RUBIFLEX® LE polyurethane-based foam systems for manufacturing sustainable car interiors.