Recticel, the leading European polyurethane producer, announces today that its joint venture company Proseat has sold its 35% stake in the seating production joint venture JP Foam Manufacturing to Johnson Controls. The transaction will have no material impact on Recticel results (for 2011 and the years thereafter), but will generate approximately EUR 3.5 million net disposal proceeds at Recticel level.
In 2006, Proseat, the 51/49 joint venture between Recticel and the Canadian group Woodbridge, decided to set up with Johnson Controls a 35/65 manufacturing joint venture for the production of moulded foam seating cushions. Each joint venture partner would carry out its own programs in Zory (Poland) and Lucenec (Slovakia), the two manufacturing sites of the joint venture. As a consequence of the sale of its 35% stake, Proseat will transfer its programs from the JP Foam Manufacturing plants to its existing plants.
