Carpenter Co. / Recticel NV/SA merger inquiry
The CMA is investigating the anticipated acquisition by Carpenter Co. of the engineered foams business of Recticel NV/SA.
Phase 2
Administrative timetable
Date of Reference: 18 July 2022
Statutory deadline: 22 January 2023
- (5.9.22)
Contact
Send written representations about any competition or public interest to general.enquiries@cma.gov.uk.
Case closure summary
14 June 2023: The purchase of Recticel Limited by GIL Investments Ltd was approved by the CMA and completed on 12 June 2023. This brings the merger investigation to a close.
- (19.6.23)
Remedy Group appointed
On 27 January 2023, The CMA appointed the Remedy Group.
Kip Meek (Chair), Ulrike Hotopp, Paul Hughes and Karthik Subramanya.
Final undertakings
26 January 2023: The CMA has accepted final undertakings to remedy the substantial lessening of competition identified in the final report.
- (26.1.23)
- (26.1.23)
Notice of proposal to accept final undertakings
21 December 2022: The CMA gives notice of the proposal to accept final undertakings and is inviting comments by 5pm on 4 January 2023.
- (21.12.22)
- (21.12.22)
Final report
16 November 2022: The CMA has published its final report.
- (16.11.22)
- (16.11.22)
- (16.11.22)
- Press notice: CMA accepts remedy to address concerns in foam merger (16.11.22)
Responses to notice of possible remedies
The responses to the CMA’s notice of possible remedies are below.
- (8.11.22)
- (3.11.22)
Responses to provisional findings
The responses to the CMA’s provisional findings are below.
- (3.11.22)
Provisional findings
28 September 2022: The CMA has provisionally found competition concerns as part of its in-depth investigation of the anticipated acquisition by Carpenter Co. of the engineered foams business of Recticel NV/SA.
- (28.9.22)
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(28.9.22)
- (28.9.22)
- (28.9.22)
- (28.9.22)
- (28.9.22)
- Press release: CMA considers remedy to address concerns in foam merger (28.9.22)
Issues statement
26 August 2022: The issues statement sets out the scope of the inquiry. It outlines initial theories on what might be adversely affecting competition, but it does not set out findings or conclusions. The deadline for submissions on the issues statement is 5pm on Friday 9 September 2022.
- (26.8.22)
- (21.9.22)
Notice of extension to statutory period
- (26.8.22)
Inquiry group appointed
10 August 2022: The CMA has appointed the inquiry group.
Kip Meek (Chair), Ulrike Hotopp, Paul Hughes and Karthik Subramanya.
Terms of reference
18 July 2022: The CMA has referred the anticipated acquisition by Carpenter Co. of the engineered foams business of Recticel NV/SA for an in-depth investigation.
- (18.7.22)
Phase 1
Statutory timetable
| Phase 1 date | Action |
|---|---|
| 5 August 2022 | Phase 1 decision published |
| 4 July 2022 | Decision announced |
| 5 May 2022 | Launch of merger inquiry |
| 5 May 2022 to 19 May 2022 | Invitation to comment |
Reference decision
18 July 2022: The CMA has referred the anticipated acquisition by Carpenter Co. of the engineered foams business of Recticel NV/SA for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
- (5.8.22)
Reference unless undertakings accepted
4 July 2022: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth investigation unless the parties offer acceptable undertakings to address these competition concerns. The full text of the CMA decision will be published in due course.
- (5.8.22)
- (4.7.22)
- News story: Foam merger raises competition concerns (4.7.22)
Launch of merger inquiry
5 May 2022: The CMA announced the launch of its merger inquiry by notice to the parties.
- (5.5.22)
Invitation to comment: closed
5 May 2022: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
These comments should be provided by the deadline set out above.
Updates to this page
Last updated 19 June 2023 + show all updates
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Case closure summary published.
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Case closure summary published.
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Remedy Group appointment published.
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Final undertakings and notice of acceptance of final undertakings published.
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Notice of proposal to accept final undertakings and draft final undertakings published.
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Full text and appendices and glossary of final report published.
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Final report announced, with summary of the final report published.
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Response to notice of possible remedies published.
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Party responses to possible remedies and provisional findings published.
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Full text of the provisional findings, appendices and glossary published.
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Summary of provisional findings, notice of provisional findings and parties’ remedy proposal published.
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Parties’ response to issues statement published.
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Administrative timetable published.
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Issues statement and notice of extension published.
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Inquiry group appointed and contact details updated.
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Full texts of the reference unless undertakings accepted and reference decision published.
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Reference decision announced and terms of reference published.
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Reference unless undertakings accepted announcement, including summary of phase 1 decision, published.
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First published.