Recticel Divests JV Interest
Press release –
18 February 2015
Recticel announces today that it has sold its 50% participation in the joint venture company Kingspan Tarec Industrial Insulation (KTII) to its joint venture partner Kingspan Group plc , who consequently will own 100% of the shares of KTII nv (Turnhout, Belgium) and KTII Ltd (Gloss op, United Kingdom).
Kingspan Tarec Industrial Insulation (KTII) develops and produces premium performance insulation products for the thermal insulation of pipework in process and petrochemical applications and for the cool truck industry.
KTII was established in 2006 by Recticel and Kingspan, when both companies decided to combine their respective industrial insulation activities. In 2014, KTII realised annual sales of circa EUR 31 million.
Recticel sells its 50% stake in KTII for a consideration of EUR 8.5 million (enterprise value). This divestment will enable Recticel to concentrate on its building insulation activities.
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