Bewi Invest AS

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

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.

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