Carpenter Co. announced on June 14 that it has completed the acquisition of Recticel N.V.’s Engineered Foams Division, which includes the former Foam Partner and Otto Bock operations. Recticel initially announced the sale of its engineered foam business in December 2021. This deal has left Recticel as a pure-play insulation company, whereas Carpenter claims to be the world's biggest vertically integrated maker of PU foams and specialised polymer products.

The deal's value has been reduced from €656 million to €454 million. This is due to market events and changes to the undertakings covered in the transaction.

Brad Beauchamp, CEO of Carpenter Co., said, "We are very excited to welcome the employees of Recticel, Foam Partner, and Otto Bock into Carpenter. We believe that combining these great businesses with ours will result in the best flexible foam company in all market segments and geographic locations. We believe that this acquisition will bring additional innovations in polyurethane foam beyond our industry-leading materials like Serene^® foam, Hybrid TheraGel^™ memory foam, and others. Recticel is also known for their leadership in sustainability and recycling of foam materials, and we expect that to pair very well with our own developments on those issues that are facing the industry."

Source: Carpenter Co.