Gurit Transfers UK Prepreg Business to Gurit Spain by 2018
Zurich, Switzerland, October 03, 2017 – Gurit (SIX Swiss Exchange: GUR) today announced that it will transfer its UK prepreg business to its Spanish prepreg production facility by summer 2018.
- Staffing reduction of around 70 FTE in UK
- Completion of transfer by summer 2018
- Restructuring cost of CHF 3.1 million in 2017 and CHF 0.8 million in 2018
Following the technology change from the use of pre-impregnated fibres (prepregs) to infusion technology for the production of wind blades in the global wind energy industry over the past 10 years, Gurit faced non-utilisation in China and Canada and underutilization of its prepreg production capacity in Europe in recent years. In this context, the prepreg plants in China and Canada were closed in earlier years. In Europe, the decline of the wind energy prepreg market combined with the overall demand for marine, industrial and automotive prepreg has now reached a level which suggests consolidation in one well-utilised site.
The manufacturing of Formulated Products and the UK-based automotive components Technology Centre will remain unaffected from the aforementioned changes.
Gurit will continue to maintain the technology activity for its prepreg and formulated business in the UK and continue to invest in this Tech Centre in order to retain the Company`s leading technology position, know-how, customer proximity and technical support capability.
Gurit estimates that the restructuring and transfer cost will result in one-off costs of approximately CHF 3.9 million of which CHF 3.1 million will be effective in the 2017 fiscal year and the remainder in 2018.
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Ecuador, Australia, New Zealand, India and China. For more information, please visit www.gurit.com
Gurit Group Communications
Head of Marketing & Corporate Communications
T +41 44 316 15 55
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To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.