Belgian auto parts company Recticel NV said 28 October 2005 it was selling part of its autoglass activities to AGC Automotive Europe SA. In line with the market trend and the improving competitiveness…
Belgian auto parts company Recticel NV said 28 October 2005 it was selling part of its autoglass activities to AGC Automotive Europe SA. In line with the market trend and the improving competitiveness of its value chain, AGC will take over the plant at Valenciennes, France (owned 100% by Recticel), as well as 50% of the shares of Splirec (a 50-50 joint venture between AGC and Recticel) located in Teplice, Czech Republic. In addition, Recticel will take over the 50% stake in Splifar (a 50-50 joint venture between AGC and Recticel) located in Gilly, Belgium. AGC plans to continue its relationship with Splifar as its main business partner. Recticel will continue selling its compounds including Colofast polyurethane to the facilities concerned. The Valenciennes and Teplice facilities specialize in component sub-assemblies and window seal assembly using Colofast polyurethane. The undisclosed price will be paid in cash to Recticel effective retroactively from 30 June 2005. The Valenciennes and Teplice facilities employ 550 and have an annual turnover of EUR 27 million. Splifar in Gilly has a workforce of 60 with annual sales amounting to EUR 5 million.