Recticel & Pikolin open negotiations on French bedding JV

June 15, 2009 - Spain

Recticel and Pikolin, the leading manufacturer of bedding in Spain, have opened negotiations for the takeover by Pikolin of 50% of the shares of the French joint venture company COFEL held by Recticel.

COFEL (Compagnie Financière Européenne de Literie s.a.s.) is market leader in bedding in France. It commercialises the brands EPEDA, Merinos and Bultex.

Last year, COFEL had a net turnover of EUR 153 million and produced 1.2 million mattresses and 0.3 million slat bases and bed bases. The group, with its registered office in Paris, has 5 production plants in France (Langeac, Limoges, Noyen, Perriers and Vesoul)and employs a workforce of about 850.

If the negotiations reach a successful conclusion, this means that Pikolin will become full owner of COFEL.

Finally, the assumption is that this transaction will have no impact on employment. The proposed transaction still needs the approval of the French competition authorities. It is also the subject of the social consultation procedures which are foreseen under French law.

Recticel is a Belgian Group with a strong European dimension, but also operates in the rest of the world. Recticel has some 120 establishments in 27 countries. Recticel contributes to daily comfort with foam filling for seats, mattresses and slat bases of top brands, insulation material, interior comfort for cars and an extensive range of other industrial and domestic applications. Recticel achieved sales to a value of EUR 1.6 billion in 2008.