Schweiter Technologies: 3A Composites' balsa bu...

Schweiter Technologies / Schweiter Technologies: 3A Composites' balsa business activities to be expanded . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Horgen, October 30, 2014 - Schweiter Technologies is strengthening its core material business at 3A Composites through the acquisition of PNG Balsa in Papua New Guinea. The transaction is scheduled to be completed in the first quarter of 2015. In 2013, PNG Balsa generated revenues of around CHF 13 million. The purchase price for the company is in the low double-digit million USD range.

PNG Balsa specialises in the planting, harvesting and processing of balsa wood used primarily as a core support material within wind power turbine blades and for the marine market. With this acquisition, 3A Composites is further strengthening its leadership position in the core material business and is securing its future supply of balsa wood for the wind power industry and new areas of application.

With the previously communicated investment in a state-of-the-art balsa wood processing plant in Ecuador, this acquisition of PNG Balsa reinforces the strategy of focusing on innovative, high-quality balsa and PET products in the lightweight construction field.

For further information, please contact:
Martin Klöti, CFO
Tel. [phone], fax [phone], [e-mail]

Schweiter Technologies AG, Neugasse 10, CH - 8810 Horgen, Switzerland
Telefon [phone] Fax [phone] [e-mail]
www.schweiter.com

Please find the Media release in the PDF attached:

Media release (PDF)

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Source: Schweiter Technologies via Globenewswire

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