Exel Composites has signed a multi-year agreement to supply pultrusion products to a wind power industry customer and records EUR 2.6 million cost due to unrealized deliveries in 2021
EXEL COMPOSITES PLC – – – INVESTOR NEWS – – – 29 DECEMBER 2022 at 13:00 EET
Exel Composites has signed a multi-year agreement to supply pultrusion products to a wind power industry customer. Wind power market is expected to be the largest and the fastest growing market for the pultrusion industry in the next several years. The new agreement strengthens the cooperation between the companies. The agreement covers wider range of Exel’s wind power industry products supplied to the customer than only the products currently supplied.
Companies have also agreed that Exel Composites will pay EUR 2.6 million compensation fee to the customer in question related to agreed unrealized deliveries in 2021. Exel Composites will record a one-time cost of EUR 2.6 million as an item affecting comparability in the fourth quarter of 2022 result. The compensation will be paid during 2023-2024 as a discount from deliveries to be made. This item affecting comparability does not have impact on the Exel Composites’ guidance for the full year 2022. Exel Composites expects that revenue in 2022 will be at last year’s level and adjusted operation profit will increase compared to 2021.
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