ABN AMRO ETF is an independent subsidiary of Dutch bank ABN AMRO. With this new strong co-investor, Fiberline will have the financial power to expand its activities in the field of composite pultrusions for wind turbine blades.
The company has more than tripled its business in the past five years and expects to triple again in the coming five years. It is the company’s ambition to follow its customers globally, which includes establishing production facilities on multiple continents. Furthermore, to achieve the business plan, a new board of directors with a firm footing in the wind sector will be appointed. Fiberline’s non-wind activities have been placed in a separate company.
With this transaction, Fiberline has attracted a capital-strong co-owner for the company's wind activities.
ABN AMRO ETF has a clear strategy when it comes to investing in sustainable technology, which made Fiberline a natural match. Meanwhile, Fiberline looked for capital in order to implement their ambitious growth strategy and follow their customers globally.
Ole Arenfeldt Jensen, CEO, said: “We are proud to be able to attract a strong and serious investor. We look forward to accelerating our growth strategy within wind turbine blades where we have been first mover in glass- and carbon fibre pultrusions for 3 decades. More advanced blades are crucial to the success of the wind sector. As blades become longer and generate more power then pultrusions are an indispensable component.”
After approval, Fiberline will appoint a new board of directors, consisting of a number of heavy-weights from the global wind sector including the former CEO of LM Wind Power, Marc de Jong, the former CEO of JSB, Frank V. Nielsen and the former Vice president of procurement at Vestas and current CEO at Jysk Energi, Lars Naur. Peter Thorning will continue in his role as chairman, and ABN AMRO ETF will be represented in the board of directors by Pieter Smit.
The capital injection means that Fiberline Composites will now be fully focused on the wind sector, as this transaction also includes the separation of Fiberline's construction division into an independent company.