Kingspan this week handed the board of Recticel an offer to buy its insulation and flexible foams divisions for €700m. Kingspan said that it has a deal in place to sell on the flexible foams business and only wants Recticel’s insulation boards.
Recticel’s products include Eurowall high performance full fill insulation board. It also makes mattresses. The two divisions that Kingspan wants account for about 60% of Recticel’s group revenues and 80% of group profit before tax and interest. Recticel’s insulation board division includes four plants in the UK, Belgium, France and Finland.
Recticel said that it was obliged to consider the offer but analysts consider it unlikely that the deal will be approved.
Kingspan already makes insulation board in the UK and the Benelux region, under the Kooltherm and Thermawall brands.