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Recticel announced the closing of the divestment of its Proseat joint venture, with Sekisui Plastics acquiring 75% of Proseat. Recticel retains 25% with an option to sell by January 1, 2022.
Sekisui Plastics Europe GmbH acquired a 75% share of Proseat GmbH & Co. KG and seven other Proseat companies from Belgian Recticel NV/SA. Proseat is Europe's largest independent automotive parts manufacturer for seat cushion material and trim parts.
Canada-based Woodbridge has signed an agreement to sell its 49% stake in Proseat, its European joint venture, to partner Recticel S.A.