Ahlstrom-Munksjö to divest its glass fiber reinforcement business
The company will divest its Mikkeli, Finland glass fiber reinforcement facility to ADCURAM Group in fourth quarter 2019.
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Ahlstrom-Munksjö (Mikkeli, Finland) has agreed to sell its glass fiber reinforcement business in Mikkeli to Vitrulan Composites Oy, a fully-owned subsidiary of Vitrulan Group and part of the family-owned industrial holding ADCURAM Group, for €6.5 million ($7.1 million USD). The transaction is expected to be completed during the fourth quarter of 2019. The company will continue its glass fiber production operations at its plants in Karhula, Finland, and Tver, Russia.
Ahlstrom-Munksjö’s Mikkeli plant produces glass- and carbon fiber-based reinforcement fabrics, particularly glass fiber reinforcements for wind energy, marine and transportation applications. At the end of 2018, the plant employed about 100 people and net sales of approximately €30 million ($33 million). According to the company, the divestment will not have a material impact on Group’s comparable EBITDA.
“We regularly assess what is the most value creating structure for our businesses. Mikkeli’s woven technology and customer base differ from the rest of the group, and the plant’s conversion margin is lower. The business provides limited synergies to Ahlstrom-Munksjö’s portfolio. Vitrulan Group is a strategic and industrial player, and a good home for which our technology and skillful personnel is complementary and provide growth opportunities,” says Hans Sohlström, president and CEO.
Vitrulan Group produces highly resilient glass fiber-based woven materials, has approximately 400 employees and generates net sales of approximately €60 million ($66 million). Its woven materials are used in public and private buildings, reinforcing and backing fabrics, laminates and special products.
ADCURAM comprises six subsidiaries with a combined sales of more than €400 million and around 2,500 employees globally. It actively develops its subsidiaries with the aim of significant growth.
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