Current Report No.: 22/2023
The Management Board of Boryszew S.A. (Issuer, Company) advises that on 30 May 2023, the Company’s Supervisory Board approved Maflow Group’s capital expenditure of approximately Eur 20 million. The planned investments are related to an agreement with one of the leading manufacturers in the automotive industry for the supply by Boryszew Group companies of hoses for the air conditioning system for the plants of the aforementioned customer, for installation in cars (mainly electric cars), years 2025-2034. The estimated value of deliveries during this period amounts to around €280 million.
Following the conclusion of the agreement, plans are made to expand the production facilities of the Boryszew Group with locations in China and Mexico.
The concluded agreement will enable further development of Maflow Group’s competence in the production of specialist cables for the automotive industry, and its conclusion is in line with the Strategy of Boryszew Capital Group for 2022 – 2026, which assumes the development of new sales markets and acquiring new end customers, etc.
Other provisions of the agreement do not deviate from the standard terms commonly used for this type of agreement.
Legal attitude: Article 17 section 1 MAR – Confidential information.
Signatures:
Wojciech Kowalczyk – President of the Management Board
Translation from the original Polish version.
In the event of differences resulting from the translation, reference should be made to the official Polish version.