Exel Composites Oyj
Ticker/ISIN
EXL1V
FI0009007306
Marknad/Land
Main Market, Helsinki
Sweden
Om Exel Composites Oyj
Exel Oyj is a technology company which designs, manufactures and markets composite glass and carbon fibre reinforced industrial profiles for several market segments, plus sports and recreational products and equipment. Exel's operations comprise two divisions: * Sport Division - the product groups are Nordic Walking poles, XC and Alpine poles, water sports, laminates and floorball. * Industry Division - the product groups are profiles, doctor blades for paper machines, tool handles and lattice masts. Exel Group consists of the parent company Exel Oyj, which operates in Finland and operating subsidiaries in Europe, the US, Australia and China. The different subsidiaries are specialized in various production areas.
Senaste sammanfattade pressmeddelande från Exel Composites Oyj
Exel Composites Plc's Shareholders' Nomination Board has proposed to the Annual General Meeting in 2025 that the Board of Directors consist of five members. They suggest re-electing current members Jouni Heinonen, Helena Nordman-Knutson, and Kirsi Sormunen, and electing Christian Busdiecker and Elisabeth Larsson as new members. Petri Helsky and Jouko Peussa will not seek re-election. Jouni Heinonen is proposed to continue as Chairman. All candidates have consented to serve and are independent of the company and its shareholders. The Nomination Board also recommends that the Board's remuneration remain unchanged, with 60% paid in cash and 40% in company shares. The Annual General Meeting is scheduled for March 26, 2025. Exel Composites is a Finnish company specializing in composite profiles and tubes, employing over 600 people globally and listed on Nasdaq Helsinki.
Exel Composites PLC announced the completion of a new manufacturing site for its joint venture, Kineco Exel Composites India (KECI), near Goa, India. The facility was completed on time and will begin deliveries in the first quarter of 2025. The factory is designed to produce composites using pultrusion technology, primarily serving the wind power industry both in India and globally. Deliveries for a major wind turbine manufacturer will start ramping up in early 2025, and KECI also secured a contract to supply carbon planks for wind turbine spar caps to Vestas Wind Systems A/S, with deliveries expected to begin in late 2025. The investment was announced in July 2023, and production has been transferred from the old Goa facility. The new factory is part of Exel's growth strategy focused on sustainable applications. Exel Composites, headquartered in Finland and listed on Nasdaq Helsinki, is a leading manufacturer of composite profiles and tubes, while Kineco Group, founded in 1994, is a prominent composites manufacturer in India.
Exel Composites has concluded discussions with employee representatives and will close its Oudenaarde factory in Belgium, resulting in the termination of employment for about 50 employees by the end of the first quarter of 2025. The closure aims to address loss-making activities and is expected to save approximately EUR 1.8 million annually, with some savings visible in the second half of 2025. The company will incur a one-time cash cost of EUR 1.7 million and a non-cash asset write-down of EUR 2.5 million in Q4 2024. The consultation process began on September 12, 2024, following a strategic review of the factory. Paul Sohlberg, President and CEO, expressed gratitude to employees for their constructive approach during the consultations. Exel Composites is a leading manufacturer of composite profiles and tubes, headquartered in Finland, employing over 600 people globally, and is listed on Nasdaq Helsinki.
Exel Composites Plc announced its schedule for financial reports in 2025. The Annual Report for 2024, which will include the Board of Directors' Report, Financial Statements, Corporate Governance Statement, and Remuneration Report, is set to be published by March 5, 2025. The Annual General Meeting is planned for March 26, 2025, with the Board of Directors to issue a formal invitation later. Exel Composites is a leading manufacturer of composite profiles and tubes, utilizing advanced pultrusion and pullwinding technologies. The company serves various industries worldwide, aiming to provide sustainable composite solutions. Headquartered in Finland, Exel Composites has over 600 employees and is listed on Nasdaq Helsinki. For more information, contact Lilli Riikonen, Head of Investor Relations.
Exel Composites Plc released a summary of its Business Review for Q1-Q3 2024, highlighting significant growth in revenue and profitability in the third quarter compared to the previous year. The company has seen an increase in order intake and backlog, despite economic uncertainties. Strategic efforts to focus on larger customers and high-growth industries have advanced well, with the commissioning of a new factory in India on track to serve wind power customers. Notable agreements were signed with major wind turbine manufacturers, including Vestas Wind Systems, for future deliveries. Revenue increased across most customer industries, except for the Energy sector, with an overall third-quarter growth of 19.7% year-on-year. The company's profitability improved due to optimization measures, with an adjusted operating profit margin of 2.9% for Q3 2024. Exel Composites maintains its guidance for 2024, expecting significant increases in revenue and adjusted operating profit compared to 2023. The company's financial results briefing is scheduled for October 31, 2024.
Exel Composites will release its Business Review for Q1-Q3 2024 on October 31, 2024, at 9:00 EET. A financial results briefing will be held online at 12:30 EET on the same day, hosted by President and CEO Paul Sohlberg and CFO Mikko Rummukainen. Interested participants should register by emailing investor@exelcomposites.com by October 30, 2024. Exel Composites is a leading global manufacturer of composite profiles and tubes, known for its innovative pultrusion and pullwinding technologies. The company provides solutions across various industries, including wind power and transportation, focusing on sustainability and efficiency. Headquartered in Finland, Exel Composites employs over 600 people and is listed on Nasdaq Helsinki. For more information, visit www.exelcomposites.com.
Exel Composites Plc announced the appointment of members to its Shareholders' Nomination Board. The appointed members are Markus Lindqvist (Aktia Mikro Markka), Matias Arola (Danske Invest Finnish Equity Fund), Jukka Vähäpesola (Elo Mutual Pension Insurance Company), Petteri Vaarnanen (Sp-Fund Management Company), and Jouni Heinonen (Chairman of the Board of Directors, Exel Composites Plc) as an expert member. The Nomination Board comprises representatives from the four largest shareholders and the Chairman of the Board of Directors. The largest shareholders were determined based on holdings registered by Euroclear Finland Oy as of 30 September 2024. The Board is responsible for preparing proposals concerning the Board of Directors' members and their remuneration for the next Annual General Meeting, with proposals due by 31 January 2025. Additional information is available on Exel Composites' website. Exel Composites is a leading manufacturer of composite profiles and tubes, with a global presence and a focus on sustainable solutions. The company is headquartered in Finland and listed on Nasdaq Helsinki.
Exel Composites and its joint venture Kineco-Exel India (KECI) have won a bid to supply pultruded carbon planks for wind turbine spar caps to Vestas Wind Systems A/S. The products will be produced at KECI’s new factory in Goa, India, with deliveries expected to start in the last quarter of 2025. This agreement extends an existing multi-year contract and strengthens the collaboration between Exel Composites and Vestas, a leading company in the wind energy industry. The qualification process for the production facility is underway to meet Vestas' specifications. Exel Composites and KECI provide a range of composite components for wind turbines. KECI, established in 2021, is a joint venture between Exel Composites and Kineco Group.
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Main Market, Helsinki News
Nyhetsuppdatering från Exel Composites Oyj
Kommuniké från årsstämma: Resolutions of the Exel Composites Extraordinary General Meeting 2024
Exel Composites Plc held an Extraordinary General Meeting (EGM) on 17 May 2024, during which it was decided that the company will conduct a rights offering of up to EUR 23 million. The company plans to issue new shares under the authorisation, with a maximum of 265 million shares to be issued. Shareholders will have a pre-emptive right to the new shares, but shares not subscribed by shareholders may be offered to others. The Board of Directors is authorised to decide all terms and conditions of the offering, which is valid until 31 December 2024. The EGM's minutes will be available on the company's website by 31 May 2024. Exel Composites is a leading manufacturer of composite profiles and tubes, serving various industries globally.
Main Market, Helsinki News
Nyhetsuppdatering från Exel Composites Oyj
Insiderinformation: INSIDE INFORMATION: Exel Composites is planning a rights offering of up to approx. EUR 23 million to accelerate the implementation of its transformative strategy and strengthen its capital structure
Exel Composites Plc is planning a rights offering to raise up to approximately EUR 23 million to accelerate its strategy implementation and strengthen its capital structure. The company has also agreed on a new financing agreement of EUR 52.4 million to refinance its existing bank loans, conditional on the successful completion of the offering. The company's new strategy, announced in October 2023, aims to grow organically within volume and customer-specific applications and improve profitability by increasing efficiency. The proceeds from the offering will be used to accelerate growth investments, optimise the factory network, finance working capital needs, and repay debt. The offering is subject to authorisation by the Extraordinary General Meeting and a resolution by the Board of Directors of Exel Composites. The subscription period of the offering is estimated to commence during the second quarter of 2024, depending on market conditions.
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