Brief: Recticel Enters Binding Agreement With Carpenter On Divestment Of Engineered Foams Unit

Recticel SA

07/12/2021 06:07

Dec 7 (Reuters) - Recticel NV  RECT.BR :
    * INTO A BINDING AGREEMENT WITH CARPENTER ON DIVESTMENT OF
ITS
ENGINEERED FOAMS BUSINESS LINE
    * BINDING AGREEMENT SIGNED WITH US-BASED CARPENTER COMPANY,
ONE OF
WORLD'S LARGEST INTEGRATED POLYURETHANE FOAMS PRODUCERS
    * CASH CONSIDERATION BASED ON AN ENTERPRISE VALUE OF EUR 656
MILLION ON A CASH AND DEBT FREE BASIS
    * TRANSACTION SUBJECT TO CUSTOMARY CLOSING CONDITIONS AND
EMPLOYEE
INFORMATION AND CONSULTATION PROCEDURES
    * TRANSACTION IS EXPECTED TO BE CLOSED AROUND MID-2022
    * NET PROCEEDS AFTER TRANSACTION COSTS ARE EXPECTED TO
AMOUNT TO
EUR 606 MILLION SUBJECT TO CUSTOMARY CLOSING ADJUSTMENTS
    * AN AMOUNT OF ABOUT. EUR 35.8 MILLION IFRS 16 LIABILITIES
WILL BE
TRANSFERRED AS WELL
    * BOARD OF DIRECTORS WILL REVIEW AT A LATER STAGE OPTIONS
FOR USE
OF PROCEEDS FROM SALE OF ENGINEERED FOAMS BUSINESS, INCLUDING A
POTENTIAL PARTIAL DISTRIBUTION TO SHAREHOLDERS

Source text for Eikon:  ID:nNDL5n4QCw 
Further company coverage:  RECT.BR 

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