Wednesday, January 6, 2010

Gurit makes acquisition deal with the BVI company

Gurit Holding, an international company which takes leading positions in the development and manufacturing of advanced composite materials and solutions in the markets of Wind Energy, Transportation and Marine areas, has signed an agreement with Windy Shore Holdings Limited, which is registered in the British Virgin Islands. By terms of the agreement the Swiss company will acquire Suzhou Red Maple Wind Blade Mould Co. Ltd., Taicang, Jiangsu/China, by taking over its parent company Cheer Tech Investment Limited, based in Hong Kong, from the BVI company owning it.

The acquisition will allow Gurit to substantially increase its strategic technology and product offering in the rapidly growing Wind Energy market, especially in Asia and China. By signing the agreement with Windy Shore Holdings to acquire Suzhou Red Maple, Gurit acquires the market leading Chinese producer of wind turbine blade moulds thus expanding its offering especially in the infusion technology segment of the Wind Energy Market. Suzhou Red Maple is located in Taicang, Jiangsu/PRC, having generated annual sales volume of around CHF 30 million in 2009.

The price of the acquisition deal will consist of an initial payment and performance based installments over the next three years, and will make about CHF 40 million. The acquisition transaction is expected to be closed before the end of 2009. With this acquisition, China becomes largest production base of Gurit.