Exel Composites expands into the US
Finnish company Exel Composites has expanded into the US market by acquiring Diversified Structural Composites.
Exel Composites has signed an agreement to purchase 100 per cent of the shares in US-based Diversified Structural Composites (DSC) from Teijin Carbon America, a subsidiary of global carbon fibre manufacturer Teijin.
DSC specialises in pultrusion-related technologies and its product portfolio consists of carbon fibre and glass fibre-reinforced composites produced in particular for the wind energy industry. It has about 90 employees and one manufacturing facility located in Erlanger, Kentucky.
“The American market is the second largest composites market globally in terms of value and growth, right after the Asian market,” says Riku Kytömäki, president and CEO of Exel Composites. “With a well-established position in Europe and a strengthened presence in Asia since the Nanjing Jianhui acquisition in 2017, the Americas was the missing pillar in our pursuit for true global presence.”
The estimated net debt-free purchase price is approximately 10 million US dollars and the transaction is expected to be closed during May 2018.