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