Gurit has signed an agreement to acquire Chinese wind blade mould manufacturer Suzhou Red Maple

• Strategic Expansion of technology and product offering in rapidly growing Asian Wind Energy market
• China becomes largest production base of Gurit
• Gabriel Mironov appointed General Manager of the new Composite Process Equipment market area

Wattwil, December 8, 2009. Gurit (SIX Swiss Exchange: GUR), has signed an agreement to acquire Suzhou Red Maple Wind Blade Mould Co. Ltd., Taicang, Jiangsu/China, by taking over the entirety of its parent company Cheer Tech Investment Limited, Hong Kong, from Windy Shore Holdings Limited, British Virgin Islands. The acquisition is expected to be closed before year-end 2009 and will allow Gurit to substantially increase its strategic technology and product offering in the rapidly growing Wind Energy market, especially in Asia.

The Wind Energy market in Asia, and China in particular, continues to grow rapidly. In contrast to the rest of the world, the Chinese wind turbine market uses predominantly infusion technology, and similar blade designs. By signing an agreement to acquire Suzhou Red Maple Wind Blade Mould Co. Ltd, Taicang, Jiangsu/People’s Republic of China, Gurit acquires the market leading Chinese producer of wind turbine blade moulds and thus expands its offering to the Wind Energy Market in particular to the infusion technology segment. The transaction is expected to be closed before the end of this year.

Building on its materials manufacturing, composite processing and structural engineering know-how, Gurit will leverage its newly gained position in mould manufacturing first to continue to support the Asian wind turbine blade manufacturers market. Based on quality and economies of scale, Gurit then plans to expand the mould offering globally, supported by its existing worldwide distribution network and composite technology basis.

In the context of this transaction, Gurit will acquire Cheer Tech Investment Limited, Hong Kong, from Windy Shore Holdings Limited, British Virgin Islands. Cheer Tech’s only operational holding is Suzhou Red Maple. This company is located in Taicang, Jiangsu/People’s Republic of China, and generates with some 500 employees a growing annual sales volume of around CHF 30 million in 2009. The acquisition price is in the range of CHF 40 million consisting of an initial payment and performance based installments over the next three years. The new business will be immediately accretive to Gurit earnings. With this acquisition, China becomes Gurit’s largest manufacturing base world-wide with over 800 people employed in Taicang, Tianjin, and Quingdao.

Suzhou Red Maple’s management team led by Gabriel Mironov will continue to run the operation. Mr. Mironov, a Canadian citizen, is appointed General Manager of the new Composite Process Equipment market area.

Rudolf Hadorn, CEO of Gurit, comments this transaction: “With the acquisition of the growing and profitable Red Maple organization, Gurit significantly strengthens its footprint in the Asian growth market, expands its offering to all wind energy customers in Asia and later globally, and gains a strong entrepreneurial group of people around Gabriel Mironov in its organization. We welcome Gabriel and all of Red Maple’s employees to Gurit”.

For further information: Bernhard Schweizer, Group Communications/Investor Relations, Tel. +41 44 316 1555; Mobile: +41 79 373 2178 bernhard.schweizer@gurit.com;

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On Gurit: The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Ex-change: GUR) are specialised on the development and manufacture of advanced composite materials and related technologies featuring bespoke physical and chemical characteristics. The comprehensive product range comprises fibre reinforced prepregs, structural foam, gel coats, adhesives, resins and consumables as well as certain finished parts. Gurit supplies growth markets in Wind Energy, Transportation and Marine. The international Group has production sites and offices in Switzerland, Germany, the UK, Canada, Spain, Australia, New Zealand, the USA, India, Singapore and China.