Exel Composites Announces Investment of 7 Million Euros to Expand Capacity of Its Austrian Plant
Exel Composites official website announced on June 17 that the company decided to expand its production at its Kapfenberg plant in Austria. The Kapfenberg plant specializes in the production of special profile products for the rail transit, papermaking, electronic power and machinery industries.
“The original capacity of the Kapfenberg plant has long been unable to meet the needs of Exel Composites’ business development in Central Europe. The construction of the new plant will greatly increase the existing capacity and fully meet the needs of customers in various industrial sectors.” Exel Composites President and Chief Executive Officer Officer Riku Kytomaki said.
According to the plan, the construction of the new plant will be completed in the second half of 2020. Exel Composites first revealed its willingness to expand the Kapfenberg plant in February 2015, but it was stranded in 2016 due to market weakness. The re-launch after a lapse of years will cost about 7 million euros and will be supported by loans from banks.