Exel to incorporate its Sport division's consumer producs into a separate company
EXEL OYJ STOCK EXCHANGE RELEASE 15.12.2004 at 13.30 1 (1)
EXEL TO INCORPORATE ITS SPORT DIVISIONS CONSUMER PRODUCTS INTO A
Exel Oyjs Sport divisions brand/consumer products have a strong
growth potential especially in Nordic Walking. To be able to respond
to the challenge set out by the markets by means of more focused and
strong operations, Exel has decided to incorporate the marketing,
sales, logistics and product development operations of the Sport
divisions consumer products (poles and floorball) into a separate
company. Poles and floorball clubs will be continued to be
manufactured by the parent company, which will be the new companys
exclusive manufacturer of composite products. Moreover, laminate and
windsurfing mast operations will remains within the parent company.
The new company will purchase itself the so-called outsourced items
not manufactured by the parent company.
The transaction will be realized as stipulated in paragraph 52 d in
the law on taxation of income from trade. Assets and liabilities
relative to the operations will be transferred to the new company.
Also, the personnel employed by the operations will be transferred to
the new company as old employees. The transfer concerns 25 to 30
persons. Exel Oyj aims at realizing the incorporation without delay,
however at the latest by the end of January 2005. The new companys
shares will be fully owned by Exel. The arrangement aims at more
effective and straightforward internal operations and better focusing
on the new companys core business and thereby higher competitiveness.
Mäntyharju, 15 December 2004
Mr. Ari Jokelainen, President & CEO, tel. +358 50 590 6750
Exel Oyj is a Finnish company specialised in composite technology. The
Groups operations consist of sporting goods and industrial
applications. Exels best-known products include cross-country and
alpine poles, Nordic Walking poles, surfboard masts, floorball clubs
and industrial profiles in general. The Groups six factories are
located in Finland, Germany, Belgium and Spain. Over 80% of production
is exported. In 2003 the Groups net sales totalled EUR 57.3 million.
Exel personnel numbers 450. Exels share is listed on Helsinki
Exchanges Main List. Further information: www.exel.net.
Exel Composites, a global technology company headquartered in Finland, is the world’s largest manufacturer of pultruded and pull-wound composite products. Our global manufacturing, R&D, and sales footprint serves customers across a broad range of industries and applications. With 60 years of composites experience and engineering expertise, we work closely with our customers to design and manufacture high quality composite products using carbon fiber, fiberglass, and other high-performance materials. Our composites help reduce weight, improve performance, and decrease total life cycle costs, all while helping increase energy efficiencies and supporting environmental sustainability. Exel Composites employs approximately 650 innovative and customer-focused employees around the world and is listed on the Nasdaq Helsinki exchange. To find out more about our offering and company please visit www.exelcomposites.com.