STOCKHOLM - Ahlstrom-Munksjö has completed the sale of its glass fibre reinforcement business based 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. The main product offering consist of specialty glass fibre reinforcements for wind energy applications 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. Net sales were approximately €30 million and the divestment will not have a material impact on Group’s comparable EBITDA. The debt free purchase price is €6.5 million. The Mikkeli plant is part of Ahlstrom-Munksjö’s Filtration and Performance business area. The company will continue to produce glass fibre tissue at its plants in Karhula, Finland, and Tver, Russia.
Ahlstrom-Munksjö’s Mikkeli glass fibre reinforcement business is expected to 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 €60 million. Its woven materials are used in public and private buildings, reinforcing and backing fabrics, laminates and special products.
“We are excited about expanding our glass fiber reinforcement business and welcome our new colleagues to the Vitrulan family. Together, we will set the course for the next steps,” says Ralf Barthmann, CEO of the Vitrulan Group.