Exel Composites closes transaction to acquire a Chinese composites production business
EXEL COMPOSITES PLC INVESTOR NEWS 26 April 2017 at 09:00 EET
Exel Composites Plc has closed the transaction to acquire the Chinese composites production business of Nanjing Jianhui Composite Material (JHFRP). The acquisition was announced in a stock exchange release on 31 October 2016.
The business includes one manufacturing unit, which uses mainly pultrusion technology to produce composite products that are largely complementary to Exel Composites’ existing offering. Nanjing Jianhui has a balanced portfolio of local Chinese customers and exports outside China. The business has been steadily and profitably growing over the past years and it is known for its good quality and reliability.
“I am pleased that we have completed this acquisition. This is an important step in the implementation of Exel Composites’ growth strategy in China and strengthens our position in China as well as in the Asia-Pacific (APAC) area. In China the megatrends are strongly driving growth and presenting new business opportunities. In addition to expanding manufacturing capacity, we are also expanding our local sales and product development network, our customer portfolio and the range of applications we offer to the local market. Exel’s existing Chinese factory as well as that of the acquired business are both located in Nanjing, which gives us the opportunity to realize operational synergies,” says Riku Kytömäki, President and CEO of Exel Composites.
Vantaa, 26 April 2017
Exel Composites Plc
President and CEO
For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288
Mikko Kettunen, CFO
tel. +358 50 347 7462
Main news media
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships.
The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.