Gurit Reports Closing of PVC Production Site Divestment
Zurich, Switzerland, 21st December 2018–Gurit (SIX Swiss Exchange: GUR) today announces the successful closing of the divestment of all shares in the Company`s PVC production site in Qingdao, China.
Gurit has decided to focus the core materials manufacturing in the Asia-Pacific region on SAN, PET and balsa wood at its existing production facility in Tianjin, China.
Following this decision, Gurit has disclosed the signing of an agreement to sell all shares in Gurit’s PVC production company in Qingdao, China to Zhengyu Sunshine Industrial Co. Ltd. for an undisclosed purchase price on August 3rd, 2018.
Gurit today announces the successful closing of this transaction with the buyer.
The financial results of this divestment will be disclosed as part of the annual report 2018 of Gurit.
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, core material wind turbine blade kits, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Denmark, Germany, Hungary, Italy, Poland, Spain, the U.K., Turkey, Canada, the U.S.A., Ecuador, New Zealand, India and China. For more information, please visit www.gurit.com
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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.