Exel Composites Plc (natively Exel Composites Oyj, formerly known as Exel Oyj)[2] is a Finnish company specialized in composite profiles and tubes for industrial applications.[3] Exel was founded in 1960 by Yrjö Aho.[4] The company is listed on Nasdaq Helsinki.[5]
The name Exel came from a combination of the words explosive electronics,[4] with the company initially producing electric blasting caps[4] The company later moved onto production of sports equipment, with a focus on ski poles, before diversifying into a wider range of composite products.[3][6]
As of 2024, Exel has production plants in Finland (Joensuu and Mäntyharju), Austria (Kapfenberg), the United States (Erlanger, Kentucky), and China (Nanjing). In addition, the company has a plant in Goa, India, through Kineco Exel Composites India, a joint venture between Exel Composites and Kineco Ltd.[7]
Recent financial performance and restructuring
In 2023, Exel Composites reported a significant deterioration in its financial performance. Revenue decreased by approximately 30%, and net result turned negative.[8][9]
Exel Composites reported negative net results for three consecutive financial years, from 2023 to 2025[8][10][1] and no dividend was paid for the financial years 2023, 2024 and 2025.[11][12][1]
Exel Composites' share price declined by more than 90%, from 8.10 € at the end of 2021 to 0.45 € at the end of 2025.[13][14][1]
As part of its restructuring, Exel Composites shut down or reorganized several production sites:
In 2023, the company shut down production at its Runcorn factory in the United Kingdom, resulting in 48 job losses and an asset write-down of 1.1 million euros.[15][8]
In 2023, the company downsized its United States factory and recorded an asset write-down of 4.3 million euros.[8]
In December 2024, the company announced the closure of its Oudenaarde factory in Belgium, ending the employment of approximately 50 employees and recording an asset write-down of approximately 2.5 million euros.[16]
In July 2025, the company disclosed a cybersecurity incident resulting in a confirmed data breach. The company stated that some personal data of employees and shareholders as well as some business information had been compromised.[17]
