Exel Composites
Native name | Exel Composites Oyj |
|---|---|
| Formerly | Exel Oyj |
| Type | Julkinen osakeyhtiö |
| Nasdaq Helsinki: EXL1V | |
| Founded | 1960 |
| Founder | Yrjö Aho |
| Headquarters | , |
Area served | Worldwide |
Key people | Paul Sohlberg (CEO) |
| Products |
|
| Revenue | 103.2 million euros (2025)[1] |
| -6.1 million euros (2025)[1] | |
Number of employees | 632 (2025)[1] |
| Website | exelcomposites |
Exel Composites Plc (natively Exel Composites Oyj, formerly known as Exel Oyj)[2] is a Finnish company specialized in composite profiles and tubes for industrial applications.[3] Exel was founded in 1960 by Yrjö Aho.[4] The company is listed on Nasdaq Helsinki.[5]
The name Exel came from a combination of the words explosive electronics,[4] with the company initially producing electric blasting caps [4] The company later moved onto production of sports equipment, with a focus on ski poles, before diversifying into a wider range of composite products.[3][6]
As of 2024, Exel has production plants in Finland (Joensuu and Mäntyharju), Austria (Kapfenberg), the United States (Erlanger, Kentucky), and China (Nanjing). In addition, the company has a plant in Goa, India, through Kineco Exel Composites India, a joint venture between Exel Composites and Kineco Ltd.[7]
Recent financial performance and restructuring
In 2023, Exel Composites reported a significant deterioration in its financial performance. Revenue decreased by approximately 30%, and net result turned negative.[8][9]
Exel Composites reported negative net results for three consecutive financial years, from 2023 to 2025[8][10][1] and no dividend was paid for the financial years 2023, 2024 and 2025.[11][12][1]
Exel Composites' share price declined by more than 90 %, from 8.10 € at the end of 2021 to 0.45 € at the end of 2025.[13][14][1]
As part of its restructuring, Exel Composites shut down or reorganized several production sites:
- In 2023, the company shut down production at its Runcorn factory in the United Kingdom, resulting in 48 job losses and an asset write-down of 1.1 million euros.[15][8]
- In 2023, the company downsized its United States factory and recorded an asset write-down of 4.3 million euros.[8]
- In December 2024, the company announced the closure of its Oudenaarde factory in Belgium, ending the employment of approximately 50 employees and recording an asset write-down of approximately 2.5 million euros.[16]
In July 2025, the company disclosed a cybersecurity incident resulting in a confirmed data breach. The company stated that some personal data of employees and shareholders as well as some business information had been compromised.[17]
References
- ^ a b c d e f "Financial Statements Release Q1-Q4 2025" (PDF). Exel Composites. 13 February 2026. Retrieved 10 May 2026.
- ^ "Exel Composites Oyj". Kauppalehti (in Finnish). Retrieved 27 December 2024.
- ^ a b "About Exel Composites". Exel Composites. Archived from the original on 29 May 2012. Retrieved 28 May 2012.
- ^ a b c Tiainen, Olli-Pekka (5 January 2001). "Räjähteistä ratakiskoihin". Taloussanomat (in Finnish). Sanoma News. Retrieved 28 May 2012.
{{cite web}}: CS1 maint: deprecated archival service (link) - ^ "Exel Composites Oyj (EXL1V), FI0009007306". Nasdaq. Retrieved 27 December 2024.
- ^ Mikkonen, Antti (20 February 2002). "Exel-samppaa Utahissa". Talouselämä (in Finnish). Talentum. Retrieved 28 May 2012.
{{cite web}}: CS1 maint: deprecated archival service (link) - ^ "Kineco Exel to manufacture pultruded carbon fiber planks for Vestas". CompositesWorld. 11 November 2024. Retrieved 15 November 2024.
- ^ a b c d "Financial Statements Review Q1-Q4 2023" (PDF). Exel Composites. 16 February 2024. Retrieved 10 May 2026.
- ^ "Exel Compositesin tulos pettymys" [Exel Composites' result disappoints]. Kauppalehti (in Finnish). Retrieved 10 May 2026.
- ^ "Financial Statements Release Q1-Q4 2024" (PDF). Exel Composites. 14 February 2025. Retrieved 10 May 2026.
- ^ "Resolutions of the Exel Composites Annual General Meeting 2024". Exel Composites. 26 March 2024. Retrieved 10 May 2026.
- ^ "Notice to Exel Composites Plc's Annual General Meeting 2025". Exel Composites. 14 February 2025. Retrieved 10 May 2026.
- ^ "Annual Financial Report 2021" (PDF). Exel Composites. 2022. Retrieved 10 May 2026.
- ^ "Exel Composites plans to discontinue production in Runcorn, UK". Exel Composites. 2023. Retrieved 10 May 2026.
- ^ "Consultation process completed - Exel Composites will close its factory in Belgium". Exel Composites. 20 December 2024. Retrieved 10 May 2026.
- ^ "Half-Year Financial Report Q1-Q2 2025". Exel Composites. 14 August 2025. Retrieved 10 May 2026.