Tuesday, May 24, 2022
Home Fashion Street Fashion Finland’s Exel Composites & Kineco join hands for pultrusion market

Finland’s Exel Composites & Kineco join hands for pultrusion market




Finland’s Exel Composites has signed an agreement to establish a joint venture to develop the Indian pultrusion market together with Kineco, India’s leading player in the advanced composites market. Kineco offers a range of products and integrated systems for diverse markets such as mass transit, aerospace, defence, infrastructure, and other industries.

In the transaction, Kineco will sell the assets of its pultrusion business into a new company, Kineco Exel Composites India, in which Exel Composites will subscribe to a 55 per cent ownership in a directed share issue. Kineco will remain a shareholder with a 45 per cent shareholding through its main entity Kineco Limited. The new joint venture Kineco Exel Composites India targets growing the pultrusion business in India. The joint venture seeks significant business growth especially in the large and growing industries such as wind power, transportation and telecommunications. The joint venture will continue to operate from the existing manufacturing facility located in Goa, Exel Composites said in a press release.

“The strategic investment provides Exel with direct presence in the fast-growing Indian composites market. Kineco’s long and established position in the Indian composites industry allows us to expand into India with a ‘flying start’. The investment fits Exel’s strategy and growth initiatives well, and clearly strengthens our competitive position towards current and new customers. We are looking forward to joining forces with the committed local team and boosting our future presence in India,” Riku Kytömäki, president and CEO of Exel Composites said in a statement.

Finland’s Exel Composites has signed an agreement to establish a joint venture to develop the Indian pultrusion market together with Kineco, India’s leading player in the advanced composites market. Kineco offers a range of products and integrated systems for diverse markets such as mass transit, aerospace, defence, infrastructure, and other industries.

“Kineco is happy to be the partner of choice for a leading global company such as Exel, who has decided to invest in India. Exel’s technological expertise and composites know-how, particularly in pultrusion, will enable bringing our own, more recent pultrusion business to the next level. Our previous strategic long-term partnerships with international partners have been extremely successful and we look forward to extending this success story to Exel JV. We welcome Exel to India and look forward to growing our pultrusion business together while at the same time, creating long term value for the shareholders of both the companies,” Shekhar Sardessai, founder and managing director of Kineco and managing director of Kineco Exel Composites India said in a statement.

The parties have agreed that the size of the investment will not be disclosed. The transaction is expected to be completed in the fourth quarter of 2021.

Fibre2Fashion News Desk (GK)





Source link

RELATED ARTICLES

US & Swedish team develops fibres to make breath-regulating garments

Researchers from the US Massachusetts Institute of Technology (MIT), the MIT Media Lab at Sweden’s...

Cargo Owners for Zero Emission Vessels vow nil-carbon shipping by 2040

Amazon, Brooks Running, Frog Bikes, IKEA, Inditex, Michelin, Patagonia, Tchibo and Unilever are the first...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Vastrakar’s four-for gives Supernovas a winning start

Supernovas 163 (Harmanpreet 37, Dottin 32, Matthews 3-29, Khatun 2-30) beat Trailblazers 114 for 9 (Mandhana 34, Rodrigues 24, Vastrakar 4-12, Ecclestone 2-19,...

Unready former French Open champion Stan Wawrinka sent packing in round one

Wawrinka paid the price for a lack of match practice with a 2-6 6-3 7-6(2) 6-3 loss in just under three hours.  Three-times major...

India vs Pakistan Live Streaming, Asia Cup Hockey 2022: When and where to watch

India vs Pakistan Live Streaming, Asia Cup Men’s Hockey Match 2022: A second string Indian unit led by Tokyo Olympic medallist Birendra Lakra...

Cheteshwar Pujara back in India squad for Edgbaston Test

Mohammed Siraj, Umesh Yadav, Shardul Thakur and Prasidh Krishna, who is uncapped in Test cricket, are part of the seam attack that will...

Recent Comments