Woodbridge Divests From Proseat Joint Venture in Europe

MISSISSAUGA, Ontario, December 19, 2018 (Newswire.com) - The Woodbridge Group (Woodbridge), a global leader specializing in fully-integrated foam solutions, has entered into an agreement to sell its 49 percent stake in Proseat, its European joint venture, to partner Recticel S.A. This divestiture provides Woodbridge greater flexibility and supports realignment of its European and Global strategy.

This transaction provides for a smooth transition to ensure ongoing continuity of technical capability and support as well as production supply to European customers over the coming months. Woodbridge will also continue to work to support the new Proseat enterprise in servicing its European customers. For businesses that Woodbridge supplies outside of Europe, the company remains committed to customer partnerships and expects to manage business as usual.

Woodbridge has grown to serve customers globally as one of the industry’s leading foam suppliers. Woodbridge remains the #1 or #2 automotive seating polyurethane foam providers in most markets. In the coming months, Woodbridge will continue to evaluate its global footprint and market coverage to drive growth with key customers and markets.

Over the past 40 years, Woodbridge has built a tradition of excellence and maintaining a deep focus on providing customers with innovative foam solutions. Woodbridge serves the automotive, commercial, recreational, packaging, healthcare and building industries. The company also provides chemical research and development, product and process engineering, tooling, technical support and accredited laboratory testing to a diverse customer base.

To learn more, visit woodbridgegroup.com.

For inquiries or more information, please contact:

Leonard Roelant, The Woodbridge Group
Office: 248-280-6983
Email: Leonard_Roelant@Woodbridgegroup.com

Source: The Woodbridge Group