Carpenter acquires Belgian foams biz for $468M
Deal makes Richmond company world's largest manufacturer in category
Richmond-based Carpenter Co. has completed its acquisition of Belgium-based Recticel’s engineered foams division for $468 million, a deal that makes makes Carpenter the world’s largest vertically integrated manufacturer of polyurethane foams and specialty polymer products, the company announced Wednesday.
Founded in 1950, Carpenter is a manufacturer and supplier of foam, fiber and chemicals used in “comfort cushioning products” such as bedding and carpet padding.
The acquisition, which represented about two-thirds of Recticel’s business, includes Recticel’s Foam Partner and Otto Bock operations, Carpenter said in a news release. The division has about 2,800 employees at 32 locations across 20 countries and had about $600 million in sales in 2022.
Carpenter has more than 4,000 employees in the U.S., Canada and Europe and the acquisition gives the company presence in Asia, the Middle East and Africa. Before the acquisition, Carpenter operated eight locations in Europe. The acquisition makes Carpenter the largest flexible polyurethane foam producer and solutions provider in Europe.
“We are very excited to welcome the employees of Recticel, Foam Partner and Otto Bock into Carpenter,” Carpenter CEO Brad Beauchamp said in a statement. “We believe that combining these great businesses with ours will result in the best flexible foam company throughout 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.”