Belgium-based Recticel Group, a polyurethane foam products company, has announced its 2013 results which show a 5% drop in consolidated sales from 2012.
Recticel reports that its consolidated sales fell from €1.03bn in 2012 to €976.8m in 2013. The company, which mainly operates in Europe (94% of business), but also pursues some activities in the US and Asia, concentrates on four fields of application: flexible foams, bedding, insulation and automotive.
Recticel’s consolidated EBITDA fell from €66m in 2012 to €13.6m in 2013.
In its non-recurring costs for the year Recticel cites the most significant as being a €27m European Commission fine, which followed a settlement over its involvement in a foam price fixing cartel that operated from October 2005 until July 2010 in ten European countries.
Measures such as Recticel’s decision to downsize its Rheinbreitbach, Germany site, which led to a loss of 150 out of 178 jobs, and the streamlining of flexible foams operations in the UK including the closure of the converting unit in Lancashire, also added to financial results say the company.
The second half of the year saw closure costs from a flexible foam converting unit in Spain and restructuring in Austria, along with the transfer of some activities from the Netherlands to the UK.
Recticel states it currently has 100 establishments in 28 countries.