Recticel divests bedding activities to Aquinos

Recticel Group has reached an agreement with Aquinos to sell its mattress and bedding business - consolidated in the bedding business division - for €122.4m. Per the agreement, Aquinos will assume €17.9m in liabilities according to IFRS 16. Bedding activities in Northern Europe are excluded from the transaction. These are to be allocated to the living & care segment within the Recticel Group’s engineered foams business division in future. The sale is subject to usual conditions and shareholder approval. An extraordinary general meeting is scheduled for 24 December. Compagnie du Bois Sauvage - Recticel’s main shareholder with 27.08% of the shares - has already signalled its approval. Recticel expects closing in the first quarter.

Subject to possible changes, net proceeds of €97m should ensue from the divestment of the bedding segment; Recticel intends to use these funds to reduce outstanding debts.
The bedding business division - which includes the production and sale of mattresses, slatted frames and box-spring beds under brand names such as Schlaraffia, Lattoflex and Swissflex - generated turnover of €225.9m in 2020, excluding business in Northern Europe.

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