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.
Riku Kytömäki, President and CEO of Exel Composites says:
“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,”
Companies: Exel Composites