Implementation of the focus strategy
Zurich, April 1, 2021 - Conzzeta announces completion of the sale of its FoamPartner business unit to Recticel, a Belgian polyurethane chemicals specialist based in Brussels and listed on Euronext (REC).
Originally announced on November 10, 2020 with an enterprise value of CHF 270 million, the sale is another step in the strategic transformation of the Conzzeta Group with the focus on the Bystronic business unit. The change of control took place on March 31, 2021, with the corresponding deconsolidation. Michael Riedel, CEO of FoamPartner, has therefore stepped down from Conzzeta's Executive Committee.
Michael Willome, Conzzeta Group CEO: "The sale of FoamPartner is another concrete step towards focusing on Bystronic as announced. We wish the team at FoamPartner every success in making further improvements and refinements to its business activities under the new ownership of Recticel."
In 2020, FoamPartner, which was part of the Chemical Specialties segment, accounted for just over 20% of Conzzeta's revenue. The net cash inflow from the divestment will be around CHF 250 million, whereof a final payment of CHF 20 million will be made in January 2022.
As Swiss GAAP FER stipulates that goodwill items historically offset against equity and currency translation differences must be recognized in profit or loss, the transaction will produce a divestment loss of slightly more than CHF 80 million for the first half of 2021.