A Gleiss Lutz team advised Conzzeta in connection with the sale of its business division FoamPartner to Recticel, a listed company specialising in polyurethane chemistry with registered office in Brussels, Belgium. The deal volume (enterprise value) amounts to CHF 270 million. The closing of the deal is expected during the first quarter of 2021 and is subject to approval by the authorities.
As part of the Chemicals Specialties segment, FoamPartner contributed CHF 297 million (EUR 276 million) to Conzzeta’s turnover in 2019. Conzzeta is a broadly diversified Swiss group with around 5000 employees across 60 locations worldwide. Its business divisions comprise the areas of sheet metal processing, foam materials, and outdoor. Conzzeta had announced at the end of 2019 that it would be concentrating on the sheet metal processing segment (Bystronic business division) and selling all of its other activities.
Gleiss Lutz had already advised Conzzeta in 2019 in connection with the sale of its glass processing business.
The following Gleiss Lutz team advised Conzzeta on the transaction: Dr. Adrian Bingel (partner), Johannes Schrägle (counsel, both lead), Dr. Markus Martin, Nikolas Frey (all Corporate/M&A), Dr. Johannes Hertfelder (partner), Dr. Lukas Aberle (both Competition/Antitrust, all Stuttgart), Dr. Stefan Mayer (partner), Dr. Leonhard Kornwachs (both Tax), Frank Schlobach (partner, Finance), Dr. Bernhard Busch (partner, all Frankfurt), Konrad Discher (Berlin, both Real Estate).
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