New Shareholder Structure of the proseat group

Sekisui Plastics Co. Ltd, (hereafter Sekisui), Japan is taking over 75% of shares

Mr Stefan Hünermann, President & CEO of the proseat Group announces:

On 19th December it was announced that Canadian Woodbridge Foam Corporation decided to divest from proseat selling its 49% share. The new Shareholder Sekisui Plastics Co Ltd, Japan decided taking over 75% with Recticel maintaining 25 % of the proseat group in future.

The transactions were still subject to approval from regulating authorities. It is a pleasure to announce today that the required approvals have been obtained. The closing of these transactions has been effected 19th February 2019.

The agreement between Recticel and Sekisui comprise a call option for Sekisui to acquire the remaining 25% from Recticel by 1st January 2022 and a put option for Recticel to sell the remaining 25% to Sekisui. Pre-agreed price calculations formulae have been agreed.

With regards to a transfer several service agreements have been signed among the parties in order to support the smooth transition.

Stefan Hünermann, President and CEO states:  “We are happy that all parties involved have been very supportive in finding service agreements fully covering proseat’s activities going forward. We feel well covered and are now looking forward to working with Sekisui Plastics co., Ltd  as our new majority shareholder on synergies and opportunities, like enhancement of our product range and access to potential new customers, as well as continuation of our existing product portfolio.”