Oct 31 (Reuters) - Exel Composites Oyj EXL1V.HE :
* To acquire assets of Chinese composites production business
* Total estimated net debt free purchase price for 100% of business is 8.8 million euros ($9.65 million) with current exchange rate
* 70% of the purchase price, 6.2 million euros, will be paid after closing of transaction
* Current main owner of business will retain 30 pct minority ownership in company, through which part of business will be conducted
* Parties agreed on call and put option structure, under which Exel Composites is expected to acquire remaining 30 pct stake earliest three years after closing
* Acquisition, which will be financed with new long term loan, is not estimated to have significant impact on co's 2016 adjusted operating profit
* Says operations in underperforming Australian unit will be significantly downsized, resulting in one-off expenses of 1.6 million euros in group accounts
* Restructuring of Australian unit is expected to improve Exel Composites EBIT from 2018 onwards
* Says project to expand Exel Composites' Nanjing site in China shall be cancelled Source text for Eikon: ID:nHSU6Ckm Further company coverage: EXL1V.HE ($1 = 0.9123 euros) (Gdynia Newsroom)