Privately held conglomerate Greiner, has posted a 5.2% year-on-year increase in sales in its polyurethane foam division at €407m in 2018.
The revenue was accounted for in its 50% share of Eurofoam, a joint venture business the company has with Belgian foam maker Recticel.
Looking ahead to the rest of 2019, Greiner’s annual report said it’s foam business plans to ‘accommodate consolidation in the European market.’
Overall the company had sales of €1.6bn in 2018 up 3% on the previous year.
Turning to performance in its PU flexible foams business, Greiner said: ‘The surge in prices and the related massive fluctuations triggered lasting uncertainty at least in Europe. The market for PU foam showed a downward tendency.’
There was a ‘genuine slump in mattress demand in Germany’ in 2018, and the competitive position in Poland became harder for Eurofoam, Greiner added.
Despite this, the business ‘was able to improve its overall result markedly while retaining the same market shares.’
All of this made the flexible foam business more competitive in 2018, the company added.
Greiner also worked at M&A projects in Mexico, Dubai, Egypt, India, Malaysia and Indonesia.
Although, none of these came to fruition in 2018, Greiner will keep trying to close deals in 2019.