Recticel - Aiming for 'king in panels' by acquiring REX
*Recticel announced the purchase of REX, hereby doubling its potential in insulated panels in one go for an EV of EUR 70m*The price paid seems hefty on past earnings but given REX' limited utilization and modern footprint, the multiple ought to drop rapidly*We like the transaction but the end markets for Recticel remain clearly in the doldrums with both volume and price pressure - HoldRecticel is engaged in the production of a variety of polyurethane foams that are used in the furniture, technical, automotive, bedding and insulation industries. The Flexible Foam Business Line covers the manufacture, conversion and marketing of flexible polyurethane foam. The types of flexible foams are classified as Comfort, Technical Foams and Composite Foams. Co. is also engaged in the manufacture of foams used in mattresses and slat bases. In addition, Co. manufactures rigid polyurethane and phenolic foams for thermal insulation. Co.'s automotive activities include: manufacturing moulded seat cushions, window encapsulation and manufacturing interior trim components.
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