Recticel climbs on strong insulation results
25/02/2022 09:01
** Shares in Recticel RECT.BR are up nearly 7% RECT.BR
after the Belgian plastics group posted strong annual results
and said it intended to double its insulation sales by 2025
** Recticel reported net sales up by 67.4% year-on-year and
an adjusted EBITDA of 109.2 million euros ($122.12 million), up
from 44.4 million in 2020
** KBC and ING both note a "strong performance" in the
insulation business over the period
** KBC notes a change in scope as Recticel's bedding
activities are now included under discontinued operations
** Recticel last year agreed to sell its bedding and
engineered foams activities and is thus becoming an insulation
"pure player" urn:newsml:reuters.com:*:nL1N2SS1KR
** The sale of the engineered foams business was seen as a
way to thwart a takeover bid by Austrian rival Greiner; the
tender offer expired on Jan. 11 without Greiner securing a
majority stake
** Greiner said https://www.greiner.com/en/newsroom/greiner-ag-verkauft-226-der-anteile-an-recticel-sa-an-baltisse-nv-nach-dem-erwerb-dieser-anteile-von-compagnie-du-bois-sauvage
on Monday it would instead sell 22.6% of Recticel to Baltisse
and added that it ultimately intends to fully exit its stake in
Recticel
** "The chances of a near term bid on Recticel by another
Insulation player seem off the table," KBC says
** Including today's rise, the stock has dropped by 2.3% YTD
($1 = 0.8942 euros)
(Reporting by Valentine Baldassari)
((Valentine.baldassari@tr.com))