the value chain is:
- Creating biax film from pp
- Metallizing Said film
- Creating capacitor from metalized films
Xpro is in #1, cosmo in #2, most clients of xpro are in #2+#3
this is forward integration for xpro.
Reason why xpro doesnt do metalizing is coz its a main value addition for its clients (capacitor makers like tdk, globe deki) but players like cosmo getting into metallizing will only help xpro (in case clients dont want to do metallizing now they have a way to source metallized films from cosmo)
Disclaimer: invested in xpro, biased
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