Exel Composites to expand its operations in Nanjing, China
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 10.12.2014 at 1.05 p.m.
EXEL COMPOSITES TO EXPAND ITS OPERATIONS IN NANJING, CHINA
Exel Composites released its new growth strategy in November 2014. According to the strategy, the growth in China will be accelerated by expanding the local sales network, R&D and manufacturing capacity, as well as offering an extended range of applications tailored to the local market.
In China, the demand has increased and a number of new business opportunities have been identified. Exel Composites will invest to expand its operations in Nanjing, China to meet the demand. The target is to double the production capacity of the Nanjing unit.
Exel Composites has decided to expand the existing site by building new facilities next to the present factory building. The total cost estimate of the project is RMB 35 million (some EUR 4.6 million).
The expansion project will be launched in the first quarter of 2015 and it is estimated to be completed during the first half of 2016.
Vantaa, 10 December 2014
EXEL COMPOSITES PLC
Riku Kytömäki
President and CEO
Further information
Riku Kytömäki, President and CEO, tel. +358 50 511 8288, or email riku.kytomaki@exelcomposites.com
Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com
Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
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 the Small Cap segment of NASDAQ OMX Helsinki Ltd.