Recticel - Poor H1, cut in guidance and new CEO announced
• Recticel's H1 can be summarized in one word: poor• For the FY, no improvement ought to be anticipated as the EUR 40-45m EBITDA guidance is well below our (EUR 51m) and CSS (EUR 57m) expectations• Meanwhile, Baltisse is taking action and replaces the CEO by a seasoned MD who knows the industry well• We await today's analyst meeting to adjust our estimates - 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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