Zurich, November 10, 2020 – Conzzeta reports the signing of a binding agreement to divest its FoamPartner business unit to Recticel, the Belgium specialist in polyurethane chemistry, headquartered in Brussels and listed on Euronext (REC), for an enterprise value of CHF 270 million. The closing of the transaction is expected in the first quarter 2021, subject to regulatory approval.
As part of the Chemicals Specialties segment, FoamPartner contributed in 2019 net sales of CHF 297 million (EUR 276 million) to Conzzeta’s topline. The three market segments Mobility, Specialties and Living & Care will complement and strengthen the product ranges of Recticel. The two companies together will offer a leading range of capabilities in foam production and processing, with a strong presence in Europe and operations in Asia and North America. In 2019, Recticel generated net combined sales of EUR 1’221 million. As per mid 2020, Recticel completed two notable divestments to focus on higher value-added activities and to gain flexibility to pursue strategic development opportunities. Its strategy is to expand its position as a global supplier of sustainable, high value-added solutions in targeted markets by responding to worldwide challenges such as environmental protection, energy conservation, a growing and ageing population, and acoustic insulation.
On December 9, 2019, Conzzeta had announced to focus on the Sheet Metal Processing segment (Bystronic business unit) and to divest all other activities. Earlier in 2020 it sold the Schmid Rhyner business unit. The strategic transformation of the Group is ongoing, with the strategy 2025 for Bystronic to be presented today at the virtual Capital Markets Day (see today’s separate media release), as well as with the divestment process for the Outdoor segment (Mammut business unit), to be completed in the first half of 2021, subject to market conditions.
According to Michael Willome, Conzzeta Group CEO: “As for our previous transactions, the divestment of FoamPartner to Recticel provides a compelling industrial logic and the best possible perspectives for the employees of FoamPartner and their customers. This is a major step towards the new focus of Conzzeta on the Bystronic business unit.”
According to Olivier Chapelle, Recticel Chief Executive Officer: “With the acquisition of FoamPartner we make an important step in our strategic portfolio reorientation. This transaction is a unique opportunity for Recticel and FoamPartner to expand their product offering in technical and specialty foam solutions and to further increase their global reach in Asia and North America. We look forward to welcoming our many new colleagues from FoamPartner. This acquisition will create significant value for our customers, employees and all other stakeholders.”
According to Michael Riedel, FoamPartner CEO: “I am proud of our whole team and our recent progress. The announcement today is good news. As part of Recticel we’ll gain access to additional resources to serve our clients with even more targeted solutions to support their sustainable development and future growth.”
Zurich, November 10, 2020 – Ernst Baertschi, Chairman of the Board of Directors of Conzzeta, will host today’s virtual Conzzeta capital markets day. Conzzeta Group CEO Michael Willome will provide an update of the Group’s strategic transformation. Bystronic CEO Alex Waser with part of his management team will present Bystronic’s strategy.keyboard_arrow_right
Seon, November 5, 2020 – Mammut has entered into a partnership with the non-profit organization ClimbAID to work together on humanitarian projects allowing refugees to discover the joy of climbing. United by their shared passion for mountain sports and climbing, Mammut and the Swiss non-profit organization ClimbAID are embarking on a partnership designed to allow people affected by war, poverty and displacement to discover the joy of climbing. This long-term cooperation will focus on the implementation of humanitarian projects in Switzerland, Lebanon, Greece and beyond.
Seon, October 16, 2020 – Digital and open-minded as never before. At the first Digital Brand Convention next week, MAMMUT presents the new Fall/Winter 21/22 collection to a larger audience and shows how innovation, safety and responsibility as a company move the brand.