Exel Composites plans to downsize its operations in the United Kingdom
EXEL COMPOSITES PLC – – – INSIDE INFORMATION – – – 4 JANUARY 2023 at 20:00 EET
Exel Composites has initiated employee consultations to evaluate downsizing of its operations in Runcorn in the United Kingdom. The consultations concern 48 employees.
Currently Exel Composites’ European operations include several small production sites. To improve Group’s efficiency and profitability downsizing of the operations is proposed. The downsizing review will follow UK legislation and any resulting changes will be completed to ensure minimal impact on customers.
The potential downsizing would be estimated to result in approximately EUR 1.6 million annual cost savings, with customer base continuing to be served by the downsized UK or other Exel factories. Exel Composites will record a one-time cash cost of approximately EUR 3.0 million and a one-time non-cash asset write-down of approximately EUR 1.1 million in the first quarter of 2023 as items affecting comparability.
Decisions regarding the planned downsizing and employee impact will be taken only after the local consultations have been concluded. In the event of any changes Exel Composites will offer employees support in finding new employment.
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 40 566 2623
Sanna Ahvenniemi, Head of Investor Relations
tel. +358 40 864 3000
Exel Composites in brief
At Exel Composites, we use over 60 years’ experience to solve challenges and help customers save resources. 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 from wind power and transportation to building and infrastructure.
Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce 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 approximately 700 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.
Exel Composites Plc