Eurofoam GmbH (European HQ: Zur Spinnerin 19, A-1100 Vienna; www.euro-foam.com), the European market leader in foam production, is at the centre of a financial dispute between its 50:50 joint venture partners, the Austrian Greiner Holding AG (A-4550 Kremsmünster; www.greiner.at) and Recticel N.V. (B-9230 Wetteren; www.recticel.com). According to Dr. Peter Greiner, CEO of Greiner Holding, the dispute is related to Recticel´s “charging of joint activities to Eurofoam´s accounts” and the corresponding financial disadvantage of EUR 20m for Eurofoam. Since both partners could not come to a mutual agreement, Greiner is now planning to start legal proceedings.

Eurofoam employs 2,200 people in 44 European manufacturing sites, including five in Austria, ten in Germany and 29 in other central European countries. Specialising foam products for upholstered furniture, mattresses, automotive components, acoustic equipment and packaging articles, the company posted a turnover of EUR 270m in 2001. The Greiner group has more than 5,100 employees in 95 production and sales units. In 2002, the group saw a consolidated turnover of EUR 600m.