Finland`s Ahlstrom-Munksjö Company announced on November 21 that it will sell its Mikkeli plant, which specializes in the production of glass fiber reinforced fabrics, to Vitrulan Composites Oy, a wholly-owned subsidiary of Vitrulan Group.
It is understood that the Mikkeli factory of Ahlstrom-Munksjö is specialized in the production of glass fiber and carbon fiber reinforced fabrics, and its products are mainly oriented to wind energy, shipping, transportation and other terminal application fields. As of the end of 2018, the factory had 100 employees and net sales revenue of approximately 30 million euros. The acquisition amount is approximately 6.5 million euros, and the acquisition is expected to be completed within the fourth quarter of 2019. Ahlstrom said that the sale will not have a de facto impact on the group's EBITDA data.
"We have been evaluating which businesses can bring the most value to the company. The fiber weaving technology that Mikkeli has is very different from other businesses carried out by the group company, it is difficult to produce synergies, and the profits are relatively meager. In contrast, Vitrulan As an important participant in the composites industry, the group is an ideal recipient of Mikkeli plant technology and products, and has the potential for future growth. "Said Hans Sohlström, President and CEO of Ahlstrom-Munksjö.
Ahlstrom-Munksjö will continue to be engaged in the production of glass fiber mats based on its Karhula factory in Finland and its Tver factory in Russia. With its unique proprietary technology and mature customer channels, Ahlstrom-Munksjö will consolidate its market leadership in this field. In the field of flooring, Ahlstrom-Munksjö is one of the global market leaders and plans to further expand its product range.
"We are very pleased with the expansion of our glass fiber reinforced fabric business, and we welcome new colleagues to join the Vitrulan family," said Ralf Barthmann, CEO of Vitrulan Group.