Exel Composites invests in a new factory in Austria
EXEL COMPOSITES PLC INSIDE INFORMATION 17 JUNE 2019 at 12:00 EET
Exel Composites has decided to expand its operations in Kapfenberg, Austria, by investing in a new manufacturing facility. Special profiles for example for the electrical and mechanical industries as well as for railway and paper machine industries are manufactured in the Kapfenberg facility.
“The capacity of the old Kapfenberg facility has for some time already limited further growth for Exel in Central Europe. The new facility will enable a considerable increase in Exel’s production capacity and improves our ability to serve customers especially in the Industrial Applications customer segment”, says Riku Kytömäki, President and CEO.
The construction of the new facility is expected to be completed in the second half of 2020. The leasing agreement of the current facility will terminate at the same time at the end of 2020.
Exel initially communicated its intention to expand operations in Austria in February 2015. The project was put on hold in 2016 due to a weaker market situation at the time. The project will now resume with the finalization of permitting and design.
The total cost of the project is estimated to EUR 7 million. The investment is intended to be financed with a bank loan.
Vantaa, 17 June 2019
Exel Composites Plc
Riku Kytömäki, President and CEO
For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288
riku.kytomaki@exelcomposites.com
Mikko Kettunen, CFO
tel. +358 50 347 7462
mikko.kettunen@exelcomposites.com
Distribution
Nasdaq Helsinki Ltd
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications.
The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations.
Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange.