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Exel Composites Acquires Diversified Structural Composites

  • Tuesday, 24th April 2018
  • Reading time: about 3 minutes

Exel Composites has signed an agreement to acquire 100% of the shares in US company Diversified Structural Composites (DSC) from Teijin Carbon America.

DSC has one manufacturing facility, using mainly pultrusion technology, located in Erlanger, Kentucky. DSC’s technological know-how in pultrusion related technologies complements Exel Composites’ existing expertise and growth strategy. DSC’s product portfolio consists of carbon fibre and glass fibre reinforced composites, with a particular focus on the wind energy industry. DSC has about 90 employees and for the fiscal year 2017, ended in March 2018, revenue amounted to US$19 million and operating loss close to US$1 million. Restructuring initiatives since 2015 have progressively improved DSC’s profitability and breakeven profitability is expected to be reached in 2019, Exel reports.

“We are decisively continuing the implementation of Exel Composites’ growth strategy and the DSC acquisition is a significant step in creating a true global footprint,” says Riku Kytömäki, President and CEO of Exel Composites. “The American market is the second largest composites market globally in terms of value and growth, right after the Asian market. 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.”

“DSC is a very good strategic fit for Exel Composites,” he continues. “It is focused on the same high growth segments, particularly wind energy and transportation, and opens up new channels to local markets enabling deliveries from the region to the region. The combined product portfolios of Exel Composites and DSC will enhance our attractiveness and provide cross-selling opportunities to existing and new customers. We appreciate DSC’s technological advantages in several key areas. We see that the technological expertise together with other complementary strengths will improve our joint competitiveness and enable synergies, among other, via technology transfers and supply chain optimisation for the ultimate benefit of our customers.”

The acquisition of DSC will make Exel Composites the only pultrusion company with significant presence on all three major continents, the company states.

“As DSC now becomes part of the Exel Composites Group, Exel’s enhanced global footprint and Teijin’s growth plans as an automotive composites solution provider can lead into mutual cooperation,” states Rob Klawonn, President of Teijin Carbon America. “I look forward to exploring synergies between Exel and Teijin in various areas such as the transportation sectors.”

The total estimated net debt free purchase price is approximately US$10 million, out of which US$6 million corresponds to DSC’s business and US$4 million to working capital. The transaction is expected to be closed during May 2018. The acquisition will be financed with a new long term loan.

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