BEWI strengthens its automotive business by acquiring assets from insolvent part of Philippine group

11 Jul 2024 13:00 CEST

BEWI ASA, a leading provider of packaging, components, and insulation solutions,
today announces that the group has signed an agreement to acquire assets related
to the production of EPP-based components from the insolvent group Philippine &
Co GmbH Technische Kunststoffe KG (Philippine TK). Through the acquisition, BEWI
increases its capacity, broadens the customer base, and further solidifies its
leading market position within the production of EPP components for the
automotive business.

"The agreement enables us to further strengthen our capacity to serve leading
European car manufacturers by providing a solution to their need of supply in a
strained situation. We are honoured by the trust placed in us by key customers
of Philippine TK, and we look forward to further develop our collaboration going
forward," says Anders Grahn, EVP & Head of BEWI's automotive division.

The agreement includes acquisition of equipment from two facilities, inventory,
customer stock, and personnel, in addition to IPR and certificates. This
includes the operations on the Schkopau site (near Leipzig). Concentration of
the operations is expected to take place gradually over the next year. During
the transition, BEWI will work in close cooperation with the Insolvency State to
safeguard the continuous supply of EPP-based components.

The parties have agreed not to disclose the sales price for the acquired assets.
The conclusion of the agreement is subject to certain conditions precedent and
final approvals, which are expected in the third quarter of 2024.

On 17 June 2024, BEWI announced that the group initiated a strategic review of
its automotive business. The review was initiated to further develop the
automotive business, as well as to accelerate growth in the group's insulation
business.

Contacts:

Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047

Charlotte Knudsen, Chief Communications and IR Officer BEWI ASA, tel: +47 9756
1959

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation
solutions. The company's commitment to sustainability is integrated throughout
the value chain, from production of raw materials and end goods, to recycling of
used products. With a vision to protect people and goods for a better every day,
BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

More information:
Access the news on Oslo Bors NewsWeb site