Exel Composites launches a consultation process regarding its intention to close its factory in Belgium

EXEL COMPOSITES PLC               INSIDE INFORMATION                    12 SEPTEMBER 2024 AT 13:45 EEST

Exel Composites has completed the strategic review at its factory in Belgium initiated in January 2024. As a result, the company is entering into consultation with employee representatives regarding its intention to discontinue production at its Oudenaarde factory.

The consultation process concerns approximately 50 employees. The negotiations will be conducted and concluded in accordance with Belgian law, within the timeline necessary for due process.

“During this year, we have carefully evaluated the role and future options of the Oudenaarde plant. Unfortunately, we have come to the conclusion that launching the consultation process with the aim of closing the factory is necessary for addressing loss-making activities. We are committed to a considerate dialogue with the employee representatives on this transformation,” says Paul Sohlberg, President and CEO of Exel Composites.

Additional Information:

Lilli Riikonen, Head of Investor Relations

investor@exelcomposites.com

tel. +358 50 351 1128

Exel Composites in brief

Exel Composites is one of the largest manufacturers of composite profiles and tubes made with pultrusion and pullwinding technologies and a pultrusion technology forerunner in the global composite market. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications in diverse industrial sectors such as wind power, transportation and building and infrastructure.

Our R&D expertise, collaborative approach and global footprint set us apart from our competition. Our composite solutions help customers save resources, reduce products' weight, improve performance and energy efficiency, and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.

Headquartered in Finland, Exel Composites employs over 600 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit visit www.exelcomposites.com.

Exel Composites Plc