Belgium's Recticel, a major European foaming group has acquired three subsidiaries of Brekke Industrier AS, one of the largest foam manufacturers in Northern Europe, for EUR 13.6 mln. The three subsidiaries acquired from Brekke Industrier AS include Norway's Westnofa Industrier AS, Finland's Superlon Oy and certain assets of Estonia's AS Univa.
Post acquisition of these three subsidiaries, Recticel becomes the largest foam manufacturer in Northern Europe. The three companies are involved in production, conversion and supply of polyurethane foam. The major markets for these companies comprises of upholstery-furniture, bedding and transportation. Recticel's turnover of the flexible foams business line in Northern Europe, which before the acquisitions amounted to about EUR 38 mln, will jump 176% on an annual basis to EUR 105 mln.