Mergers & Acquisitions
December 18, 2025
Hennecke Sells to Brückner Group
Brückner Group acquires Hennecke
The Brückner Group continues to pursue its growth strategy with the acquisition of the Hennecke Group, which will expand the company’s global portfolio to include key technologies for machines, plants, and systems used in the processing of polyurethane (PUR). These technologies are the perfect complement to the existing range of services and products and will provide access to new markets.
15 Dec 2025 | By Rahul Kumar
Dr Axel Von Wiedersperg, CEO of the Brückner Group
As a global market leader with expertise in the field of reactive plastics, Hennecke brings additional material-based, high-tech solutions to the Group. This technology is suitable for use in many industries like construction, furniture, and refrigeration and creates new diversification potential. The agreement between the Brückner Group and a fund advised by Capvis AG, Switzerland, as the majority owner of the Hennecke GROUP was concluded on 3 December 2025. The transaction will be completed at the beginning of January 2026.
“With Hennecke, we’ve gained a highly specialized addition to our portfolio. Acquiring another market leader in technology enhances the Brückner Group’s product range in a sensible way and provides Hennecke with access to innovation power and a global presence,”
Dr Axel Von Wiedersperg, CEO of the Brückner Group, said.
Hennecke has an international network of sites in Germany, Italy, the US, and China, an industry-leading product portfolio of global, innovative systems and technologies with extraordinary economic and environmental benefits, and an excellent reputation in the plastics industry — especially outside of the packaging sector. This will ultimately allow the Brückner Group to tap into new product segments and reinforce its global base of expertise.
“The merger will not only result in bundled technological expertise and a global market presence, but also allow us to form the basis for expanding our position in the international PUR market. This step represents a natural progression of our Hennecke Business System and the FOCUS2030 strategy for sustainable growth. Working with the Brückner Group, we’ll be able to capitalize on innovation and growth potential much faster in the future,” Thomas Wildt, CEO and Hennecke Group.
Following completion of the transactions, the Brückner Group will consist of five business units – Brückner Maschinenbau, Brückner Servtec, Kiefel, PackSys Global, and in the future Hennecke PUR Solutions. The business units and our global network together ensure our financial strength, growth, and long-term stability. In this context, partnerships built on trust and our employees’ expertise are the cornerstones of our success. We operate in an agile and forward-looking manner to achieve our ultimate goal: making the manufacture of plastic products and packaging solutions sustainable. As one of Germany’s most sustainable medium-sized corporate groups, we conduct our business responsibly and in the interests of our global society and our international workforce.
https://www.printweek.in/news/br%C3%BCckner-group-acquires-hennecke–61418
December 10, 2025
Covestro Sale Closes
Covestro and XRG commence strategic partnership: Transaction successfully closed
- EUR 1.17 billion capital increase has been executed
- Closing marks official start of partnership
Covestro AG today announced the successful closing of its strategic partnership with XRG P.J.S.C. (formerly ADNOC International Limited, together with its subsidiaries in the following “XRG”). The agreed capital increase of EUR 1.17 billion was carried out as planned, providing Covestro with additional resources to support the implementation of its “Sustainable Future” strategy.
Dr. Markus Steilemann, CEO of Covestro, said: “With today’s closing of the transaction, we can now begin our joint journey with XRG. Together with XRG as a strong and long-term partner, we are well positioned to drive Covestro’s transformation and create long-term value for our customers, employees, and stakeholders worldwide.”
The closing of the transaction marks the official start of the partnership, building on all underlying agreements and prior regulatory clearances.
Further information on the transaction can be found on the deal website at: www.covestro-offer.com
About XRG:
XRG is an international investment company with an enterprise value of $150 billion, investing across natural gas, chemicals and scalable energy solutions that power AI and industry globally. Headquartered in Abu Dhabi and wholly owned by ADNOC, XRG’s portfolio includes operating and non-operating interests in assets and companies that are meeting the rapidly increasing global demand for energy and the chemicals that are essential for sustainable economic growth.
To find out more, visit: www.XRG.com
For media inquiries, please contact: media@XRG.com
About Covestro:
Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from Covestro are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.
The company is geared completely to the circular economy. In addition, Covestro aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group’s Scope 3 emissions are also set to be climate neutral by 2050. Covestro generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).
December 3, 2025
Sinomax Acquires Vibe
Sinomax USA acquisition adds digitally native brand to its portfolio
Jennifer Marks //Editor in Chief//December 3, 2025
HOUSTON – Sinomax USA has acquired a foam sleep products brand whose products it has been producing for several years.
The bedding and mattress manufacturer, division of Sinomax group, announced its acquisition of the Vibe brand from Kimberly LLC. The deal includes all registered and unregistered trademarks, logos, copyrights, designs and additional intellectual property relating to the design, marketing, manufacturing, distribution and sale of household goods, including bedding and furniture under the Vibe brand. Terms of the transaction were not disclosed.
Vibe is a modern bedding and home comfort brand known for its fresh aesthetic and approach to making good sleep feel stylish and fun. The Vibe Original Gel Mattress continues to be one of the most awarded and top-rated mattresses in the online marketplace, earning the title “Best Mattress Overall on Amazon” three consecutive years by Forbes.com.
See also: Sinomax, EverRest partner to leverage range of strengths
“Vibe has grown into a beloved sleep and home brand with a distinctive personality and a strong foothold in the market,” said Frank Chen, CEO of Sinomax USA. “Formalizing this acquisition allows us to unlock the full potential of Vibe, accelerate its growth trajectory and bring even more innovation to consumers who love the brand’s energy, honesty and design-forward comfort.”
Sinomax USA has been the primary manufacturer of Vibe products for the last few years, helping shape the brand’s growth and product quality are part of their partnership.
Vibe products include mattresses, pillows, toppers, mattress pads and foundation frames. Earlier this year, Vibe landed its first physical retail placement with a rollout at Walmart stores.
The acquisition will enhance distribution by combining Vibe’s digital-first reach with Sinomax USA’s national retail partnerships. Simonax’s in-house creative and market team also plan to accelerate Vibe’s brand-expansion strategy.
“We’ve been building momentum with Vibe for years,” said Alysabeth Anderson, senior director of marketing & creative at Sinomax USA. “Now that the brand is officially part of the Sinomax family, we’re amplifying everything consumers already love – clean design, honest storytelling, and products that provide incredible comfort at an affordable price.”
December 1, 2025
Somnigroup Makes Offer to Leggett & Platt
Somnigroup Proposes to Acquire Leggett & Platt in All-Stock Transaction
Provided by PR Newswire Dec 1, 2025, 6:30:00 AM
Somnigroup Proposes to Acquire Leggett & Platt in All-Stock Transaction
Somnigroup Proposes to Acquire Leggett & Platt in All-Stock Transaction
PR Newswire
DALLAS, Dec. 1, 2025
- Proposal represents 30.3% premium to the average closing price of Leggett & Platt’s shares during the last 30 trading days
- Combination would provide Leggett & Platt shareholders with significant premium and opportunity to participate in combined company growth
DALLAS, Dec. 1, 2025 /PRNewswire/ — Somnigroup International Inc. (NYSE: SGI, “Company” or “Somnigroup”) today announced that it submitted a proposal to the Board of Directors of Leggett & Platt Inc. (NYSE: LEG) to acquire all outstanding common shares of Leggett & Platt in an all-stock transaction (the “Proposal”). Under the terms of the Proposal, Leggett & Platt shareholders would receive shares of Somnigroup common stock with a market value of $12.00 for every one share of Leggett & Platt common stock, based on a fixed exchange ratio to be agreed. The Proposal offers Leggett & Platt shareholders a 30.3% premium to the average closing price of Leggett & Platt’s shares during the last 30 trading days, representing a value not achieved by LEG shares since December 2024.
The all-stock structure would enable Leggett & Platt shareholders to participate in the future growth potential of the combined company on a tax-deferred basis.
“Leggett & Platt has been an important supplier to our Company for many years,” said Scott Thompson, Chairman and CEO of Somnigroup. “This proposal would deliver significant value to Leggett & Platt shareholders through a compelling premium and tax-advantaged participation in our combined platform, while also being accretive before synergies to all Somnigroup shareholders.”
The Proposal was delivered to the Leggett & Platt Board in a letter on December 1, 2025. The full text of the letter is included below:
###
December 1, 2025
Board of Directors
Leggett & Platt Incorporated
1 Leggett Road
Carthage, Missouri 64836
Attention: Mr. Karl G. Glassman, Board Chairman, President and Chief Executive Officer
Dear Karl and Members of the Board:
I am writing to express our strong interest in pursuing a business combination transaction between Somnigroup International Inc. (“Somnigroup”) and Leggett & Platt Incorporated (“Leggett & Platt”).
We propose that Somnigroup acquire all of the outstanding shares of Leggett & Platt in an all-stock merger with a wholly owned subsidiary of Somnigroup, in which each outstanding share of Leggett & Platt common stock would be exchanged for shares of Somnigroup common stock having a market value of $12.00, based on a fixed exchange ratio to be agreed.
Our proposed merger consideration represents a premium of approximately 17.0% to the closing price of Leggett & Platt shares on November 28, 2025, and a premium of approximately 30.3% over the average closing price of Leggett & Platt shares during the last 30 trading days – a value that Leggett & Platt shareholders have not seen since December 2024.
In addition, by receiving consideration comprised entirely of Somnigroup common stock, your shareholders will have the opportunity to participate fully on a tax-deferred basis in the significant growth potential and synergies of the combined company.
We believe that a combination of Leggett & Platt with Somnigroup would be uniquely compelling for both companies and all of our collective stakeholders. Joining Leggett & Platt with a leading bedding manufacturer and bedding retailer would unquestionably foster significant strategic advantages and efficiencies for the combined company. Also, as you know, Somnigroup and Leggett & Platt have enjoyed an excellent commercial arrangement for many years. A significant mutual benefit of our proposal would be to ensure that this arrangement will continue without interruption.
Leggett & Platt would continue to operate independently under the Somnigroup umbrella. Like Mattress Firm, Tempur Sealy and Dreams, Leggett & Platt’s leadership team would enjoy significant autonomy. Leggett & Platt would also benefit from having a substantial and reliable customer in Tempur Sealy and greater opportunities for growth and success, all with a lower cost of capital and the strategic backing of Somnigroup.
Additionally, because Leggett & Platt’s business is complementary to Somnigroup’s businesses, we would expect to not only retain most of Leggett & Platt’s management team and employees, whose knowledge, experience and talent would be invaluable to the Somnigroup organization, but also provide them future career opportunities in the broader Somnigroup organization. We also expect to retain a significant presence in Carthage.
We contemplate that our transaction would be subject only to customary closing conditions, including the receipt of necessary regulatory approvals, which we expect would be obtained without difficulty or delay. Our transaction would not be subject to any financing contingency or require approval by Somnigroup’s shareholders.
Our proposal has been unanimously authorized by our Board of Directors. Based on our long history with Leggett & Platt, we would expect to be able to promptly complete confirmatory due diligence and execute definitive agreements.
Our financial advisors are Goldman Sachs & Co. LLC and our legal advisors are Cleary Gottlieb Steen & Hamilton LLP.
This proposal is subject to satisfactory completion of due diligence, the negotiation and execution of definitive transaction documents, and approval by the boards of directors of both companies. Unless and until such time, no obligation, commitment or undertaking of any kind shall arise as a result of this letter or any subsequent discussions.
We believe this is a unique opportunity to deliver significant value to Leggett & Platt shareholders and better position a combined company to drive future shareholder value. We seek to work with you on a friendly basis to complete this transaction successfully and expeditiously.
We hope that you share our enthusiasm and we would appreciate a response by December 22, 2025.
Sincerely,
Scott L. Thompson
President, Chief Executive Officer and Chairman of the Board
###
November 30, 2025
Recticel Acquisition Stake
Recticel acquires Miclar Group to deliver integrated
solutions in the insulated panels market
Recticel announces the acquisition of a 76% controlling stake in Miclar Group, a leading Belgian
specialist in industrial façade and roof cladding, light structural steel, and finishing components. This
strategic move enhances service to our end customers and reinforces Recticel’s position in the insulated
panels market. The investment is fully aligned with our commitment to delivering innovative products
and integrated solutions across Europe.
Founded in May 2018, Miclar offers complete solutions for industrial façade and roof cladding. It
operates in Belgium, the Netherlands, France and Sweden. In 2024, Miclar Group reported proforma
sales of EUR 23.7 million and adjusted EBITDA of EUR 4.7 million.
The acquisition was paid in cash for an enterprise value of EUR 20.5 million. Miclar Group will be
consolidated in Recticel’s financial statements as from 1 December 2025.
Jan Vergote, Chief Executive Officer Recticel Group, commented:
“Miclar’s rapid growth and service-driven approach make it an ideal partner for Recticel’s industrial
customers. Together, we will deliver innovative solutions that address the evolving needs of industrial
construction in Belgium and beyond. As part of our “Elevate 2030” strategic plan, we are pursuing
additional acquisitions in Europe to enlarge our downstream offer.”
Laurens Couckuyt, Chief Executive Officer Miclar, added:
“The partnership with Recticel will enable us to accelerate innovation, expand our capabilities, and
deliver even greater value to our customers. It will serve as a springboard for our European expansion.
We look forward to combining our expertise with Recticel’s vision for sustainable growth and smart
insulation.”
https://files.webdisclosure.com/1374577/20251128_Acquisition_Miclar_final.pdf
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