Global law firm White & Case LLP has advised Recticel on the acquisition of the remaining 49 percent in its Proseat joint venture from Canadian partner Woodbridge Foam Corporation and the subsequent sale of 75 percent in Proseat to Japanese public company Sekisui Plastics Co., Ltd. (Sekisui).
The agreement between Recticel and Sekisui contains a call option for Sekisui to acquire the remaining 25 percent in Proseat from Recticel as from 2019, and a put option for Recticel to sell its remaining 25 percent in Proseat to Sekisui as from 2022, at pre-agreed valuation multiples.
Recticel is a Belgian multinational headquartered in Brussels primarily serving the European market, but also active in the USA and Asia. A leader in polyurethane application, Recticel's core business lines are flexible foams, insulation, bedding and automotive.
Proseat was established in 1999 as a joint venture between Recticel (51 percent) and Woodbridge (49 percent) to serve Tier 1 and OEM car manufacturers with molded seat pads and head and armrests in polyurethane. The joint venture went on to develop complementary activities in lightweight EPP (expanded polypropylene) structural parts, also for the automotive sector.
The White & Case team which advised on the transaction was led by partner Muriel Alhadeff (Brussels), with support from partner Tim Arndt (Frankfurt) and associates Thomas Glauden and Nick Hallemeesch (both Brussels) and Micha Gersdorf (Frankfurt).
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