Exel sells the Exel Sports Brands´ Floorball business to Cape Nordic Oy, a sports and fashion distributor based in Finland.

According to Kauppalehti.fi – Financial market data in Finland, the net sales of Cape Nordic Group were approximately EUR 20 million in 2008 in Finland, the Baltic countries and the Nordic countries.

The transaction is estimated to come into force on 30 March 2009. A condition precedent for the transaction is that the consultations related to personnel in Sweden are concluded according to the Swedish law. The transaction completes the structural change program started in 2008 the objective of which is to concentrate solely on Exel Composites´ composite profile business.

The business transfer secures the continued presence and distribution of Exel floorball products in a model that strengthens Exel´s profitability.

Cape Nordic will take over the whole Floorball business, acquire the inventory and order backlog related to the Floorball business through an asset deal. In 2008, the net sales of the Floorball business were some EUR 5 million. The transaction also includes a long-term licensing agreement related to the use of the Exel brand together with other brands related to the floorball business.
The employees of the Floorball business in Finland and Sweden will be transferred to Cape Nordic as existing employees. At present, there are 9 employees in Finland and 5 in Sweden.

The parties have agreed not to disclose the transaction value of the business transfer. The transaction is not expected to have a material impact on the result of the Exel Group.

The IFF has been informed that the cooperation continues as before and the IFF is awaiting further information from Exel Floorball. The IFF has a contract with Exel until the Men´s World Floorball Championships 2010.

Read more from the article on Kauppalehti.fi