Belgian foam producer Recticel has announced that its divestment of Recticel Engineered Foams to Carpenter has been delayed.

In a short statement, the company said: “Recticel reports that the closing of the Engineered Foams divestment to Carpenter Co. has not taken place at the end of March 2023. Parties continue to work towards a closing to take place as soon as possible.”

Previously, Recticel said it would close at the end of the first quarter of 2023. An earlier comment said: “On 26 January 2023, the UK Competition and Markets Authority (the “CMA”) accepted the Final Undertakings from the Parties, whereby Recticel Ltd., comprising mainly comfort foams activities and located in Alfreton/Midlands (UK) would be sold separately to a suitable upfront purchaser, before the main transaction can be closed. 

“The divestment process of this UK activity is entering its final phase with binding offers expected shortly. Recticel and Carpenter continue to work together towards the closing of the Engineered Foams transaction, which is still expected to take place at the end of the first quarter of 2023.”