Zurich, August 11, 2017 – Conzzeta announces the sale of its 51% stake in the US joint venture Woodbridge FoamPartner Company, Chattanooga (TN, USA) and the signing of a supply contract with The Woodbridge Group. This move will simplify access to the North American market for the FoamPartner business unit.
The joint venture, founded in 2006 with The Woodbridge Group, manufactured and processed technical polyurethane foams for the US market. The reorganization of the existing joint venture structure through the sale to The Woodbridge Group and the conclusion of a supply agreement will enable FoamPartner to further develop the American market for foam material solutions independently, without contractual restrictions. Already on July 21, Conzzeta announced that it was taking over Otto Bock Kunststoff, including the reorganization of the joint venture structure in China.
Michael Willome, Conzzeta Group CEO, comments: “With this further step we are paving the way for additional growth in the USA, where we will significantly expand our business volume as a result of the transaction announced on July 21. The restructuring of the two joint ventures will reduce the complexity of FoamPartner’s business in Asia and North America, its most important growth regions.”
The retroactive closing of the transaction per July 1, 2017, will lead in the second half of the year to a middle single-digit million one-off gain in the Chemical Specialties segment. In the first half of 2017, the revenue contribution of the proportionally consolidated Woodbridge FoamPartner Company was CHF 5.1 million at average profitability for FoamPartner.
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.keyboard_arrow_right
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.