Gurit Divests PVC Production Site in China
Zurich, Switzerland, August 03, 2018–Gurit (SIX Swiss Exchange: GUR) today announced that it has reached an agreement with Qingdao Zhengyu Sunshine Industrial Co., Ltd. on the divestment of all shares in Gurit`s PVC production company in Qingdao, China for an undisclosed sales price. Closing of the transaction is expected for October 2018, subject to regulatory approvals, and is expected to be profit neutral for Gurit in the 2018 fiscal year.
The agreement to sell the Gurit production facility in Qingdao, China follows the decision to focus core materials manufacturing for the Asia-Pacific region on SAN, PET and balsa wood at Gurit`s existing production facility in Tianjin, China.
The transaction comprises Gurit`s Qingdao operations, including its staff, PVC operating assets and product IP. Gurit will provide support to Qingdao Zhengyu Sunshine Industrial Co., Ltd during the transition phase in order to ensure a seamless handover and business continuity. The new owner has expressed a strong desire to continue to supply Gurit’s existing customers, and to grow the business further.
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, New Zealand, India and China. For more information, please visit www.gurit.com
AboutQingdao Zhengyu Sunshine Industrial Co., Ltd
Qingdao Zhengyu Sunshine Industrial Co., Ltd. was established on August 17, 2007 in the West Coast New District of Qingdao, Shandong Province, China. The company's main business scope includes: general transportation, construction and installation, fire engineering, machinery and equipment lease; auto components production; warehousing, large-scale agricultural market operation. The company is in strong financial position. It undertakes production services and other operations with customer-oriented quality service and advanced management level.
The company has participated in the key national and provincial construction in China as varied as China's Tongsan Expressway, Qingdao Cross-sea Bridge, Qingdao Beihai Shipyard Dockyard. And it has been unanimously recognized by its cooperation partners with excellent business results and social benefits.
Gurit Group Communications
T +41 44 316 15 55
All trademarks used or mentioned in this release are protected by law.
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.