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Kingspan To Acquire Two Recticel's Units For EUR700 Million

LONDON (Alliance News) - Building material firm Kingspan Group PLC on Tuesday said it has made an ...

Alliance News 16 April, 2019 | 11:05AM
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LONDON (Alliance News) - Building material firm Kingspan Group PLC on Tuesday said it has made an offer to acquire the entire Insulation and Flexible Foams divisions of Belgian mattress manufacturer Recticel NV/SA's for EUR700 million.

The offer is subject to approval by the board of Recticel, completion of customary due diligence and transaction documentation, and receipt of regulatory clearances, Kingspan said. It added that there can be no certainty that the offer will result in an agreement being concluded with Recticel.

Following completion of the acquisition, Kingspan intends to dispose of all of the Flexible Foams businesses to an unnamed third party.

Kingspan shares were trading up 3.4% at EUR46.08 each on Tuesday morning.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Kingspan Group PLC 47.86 EUR 0.76 -
Kingspan Group PLC 47.84 EUR 0.80 -

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