Recticel's restructure earmarks Spanish plant for closure

摘要

Valencia, Spain — Polyurethane foams specialist Recticel has announced plans to shut down a Spanish foam production facility in La Eliana near Valencia. The plan is to move the production capacities to nearby Catarroja, where Recticel has another manufacturing site. The company said 16 jobs will be cut as part of the closure, alongside a further 12 job losses within the IPF engineering department of its subsidiary Recticel, Iberica. Although the company announced a small increase in automotive sales during the third quarter, [See UTI Dec/ Jan 2014 p 8] the general trend reflected downward sliding revenues for the period against last year, with a 2.7% drop to ?308m ($423.3m). The Q3 results followed slides in both of the year's first two quarters of 9.5% and 4.4% respectively.