3A Composites Core Materials (www.3accorematerials.com), part of Schweiter Technologies (SIX Swiss Exchange: SWTQ), announced today that it has successfully closed the acquisition of PNG Balsa (www.pngbalsa.com), a world class manufacturer of balsa wood with its own plantations in Papua New Guinea. Under the terms of the acquisition agreement, PNG Balsa will operate under 3A Composites PNG Balsa Ltd.

"The culmination of this acquisition marks a significant milestone in our industry and brings a bright future for balsa as a lightweight core material for wind-turbine, marine, automotive and other applications", says Roman Thomassin, CEO of 3A Composites Core Materials. "We can now expand our global footprint further to meet the increasing balsa demand from our customers worldwide".

"This is an exciting day for our employees as we officially join forces with 3A Composites Core Materials to pursue our shared commitment to ensure a sustainable and steady growth for PNG Balsa in the future, while providing access to new markets, customers and products”, says Pierre Monéton, CEO of PNG Balsa.