In its trading update of 26 April 2017, Recticel highlighted the challenging and unprecedented raw material price increases prevailing in the polyurethane industry due to a tightening supply of isocyanates (TDI and MDI).
Recticel announces today that the situation has further deteriorated due to a new force majeure at Covestro and start-up issues at Huntsman, both pertaining to the production of MDI (methylene diphenyl diisocyanate). As a consequence, MDI is no longer available in sufficient quantities. This shortage is affecting the Insulation business of Recticel, leading to a curtailment of its production output by about 15%, and is not expected to improve before July 2017. In 2016, the Insulation division represented 16.4% of the Group's combined sales.
While the overall raw material situation will lead the Group's 1H2017 combined REBITDA to remain below the 1H2016 combined REBITDA, Recticel re-iterates the full year guidance provided at the occasion of its 1Q2017 trading update to grow its full year 2017 combined REBITDA.
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Financial calendarAnnual General Meeting
Ex-coupon date Record date
Dividend payment date First half-year 2017 results
Third quarter 2017 trading update Annual Results 2017
First quarter 2018 trading update Annual General Meeting
First half-year 2018 results
Third quarter 2018 trading update
30.05.2017 (at 10:00 AM CET)
31.05.2017
01.06.2017
02.06.2017
31.08.2017 (before opening of the stock exchange)31.10.2017 (before opening of the stock exchange23.02.2017 (before opening of the stock exchange)26.04.2018 (before opening of the stock exchange)29.05.2018 (at 10:00 AM CET)
29.08.2018 (before opening of the stock exchange)
30.10.2018 (before opening of the stock exchange)
For additional informationRECTICEL - Olympiadenlaan 2, B-1140 Brussels (Evere)
PRESS
Mr Olivier Chapelle
Tel: +32 2 775 18 01
chapelle.olivier@recticel.com
INVESTOR RELATIONS
Mr Michel De Smedt
Mobile: +32 479 91 11 38
desmedt.michel@recticel.com
Recticel in a nutshellRecticel is a Belgian Group with a strong European dimension, but it also operates in the rest of the world. Recticel employs 7,925 people in 98 establishments in 28 countries.
Recticel contributes to daily comfort with foam filling for seats, mattresses and slat bases of top brands, insulation material, interior comfort for cars and an extensive range of other industrial and domestic applications.
Recticel is the Group behind well-known bedding brands (Beka®, Lattoflex®, Literie Bultex®, Schlaraffia®, Sembella®, Swissflex®, Superba®, Ubica®, etc.) and GELTEX® inside. Within the Insulation sub-segment high- quality thermal insulation products are marketed under the well-known brands Eurowall®, Powerroof®, Powerdeck®, Powerwall® and Xentro®. Technological progress and innovation have led to breakthrough at the biggest names in the Automotive industry thanks to Colofast®, Colosense® and Colosense Lite®.
In 2016 Recticel achieved combined sales of EUR 1.35 billion (IFRS 11 consolidated sales: EUR 1.05 billion). Recticel (Euronext: REC - Reuters: RECTt.BR - Bloomberg: REC:BB) is listed on Euronext in Brussels.
The press release is available in English, Dutch and French on the website www.recticel.com
Recticel SA published this content on 12 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 May 2017 07:14:27 UTC.
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