Ahlstrom-Munksjö sells Glass Fibre Reinforcement Business
The company has agreed to sell its glass fibre reinforcement business in Mikkeli, Finland, to Vitrulan Composites Oy, a fully owned subsidiary of Vitrulan Group and part of the family-owned industrial holding ADCURAM Group.
Ahlstrom-Munksjö’s Mikkeli plant produces glass and carbon-based reinforcement fabrics. Their main product offering consists of speciality glass fibre reinforcements for the wind energy market as well as for other end-uses including marine and transportation applications as currently manufactured in Mikkeli. At the end of 2018, the plant employed about 100 people.
The company’s net sales were approximately EUR 30 million and the divestment will not have a material impact on Group’s comparable EBITDA. The debt-free purchase price is EUR 6.5 million. The transaction is expected to be completed during the fourth quarter of 2019 and is subject to customary closing terms. The Mikkeli plant is part of Ahlstrom-Munksjö’s Filtration and Performance business area.
We are excited about expanding our glass fibre reinforcement business and welcome our new colleagues to the Vitrulan family. Together, we will set the course for the next steps, Ralf Barthmann, CEO of the Vitrulan Group
Ahlstrom-Munksjö will continue to produce glass fibre tissue at its plants in Karhula, Finland, and Tver, Russia. and plans to grow its market position further. The glass fibre reinforcement business will bring significant growth to Vitrulan Group which produces highly resilient glass fibre-based woven materials. Vitrulan has approximately 400 employees and generates net sales of approximately EUR 60 million. Its woven materials are used in public and private buildings, reinforcing and backing fabrics, laminates and special products.