Exel Composites has signed a multi-year agreement to supply pultrusion products to a wind power industry customer. The wind power market is expected to be the largest and fastest growing market for the pultrusion industry in the next several years. The new agreement strengthens the cooperation between the companies. The agreement covers a wider range of Exel’s wind power industry products supplied to the customer than only the products currently supplied.
Companies have also agreed that Exel Composites will pay EUR 2.6 million compensation fee to the customer in question-related to agreed unrealized deliveries in 2021. Exel Composites will record a one-time cost of EUR 2.6 million as an item affecting comparability in the fourth quarter of 2022 results. The compensation will be paid during 2023-2024 as a discount from deliveries to be made. This item affecting comparability does not have an impact on Exel Composites’ guidance for the full year 2022. Exel Composites expects that revenue in 2022 will be at last year’s level and adjusted operating profit will increase compared to 2021.