NetComposites
Attwater

Gurit Divests PVC Production Site in China

07 August 2018

Gurit has reached an agreement with Qingdao Zhengyu Sunshine Industrial 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 to take place in October 2018, subject to regulatory approvals, and is expected to be profit neutral for Gurit in the 2018 fiscal year.

The sale follows Gurit's decision to focus core materials manufacturing for the Asia Pacific region on SAN, PET and balsa wood at its 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 during the transition phase in order to ensure business continuity.

Gurit reports that the new owner has expressed a strong desire to continue to supply Gurit’s existing customers and to grow the business further.





Share this story


Related / You might like...

JEC Startup Booster Worldwide Tour

Launched in 2017, JEC Startup Booster is the leading and unique start-up competition in the world of composites in which hundreds of start-ups participate to pitch their breakthrough innovations in front of a jury of experts from international groups and companies involved in the making of innovative materials.

The Diversity of Long-fibre-reinforced Thermoplastics as an Opportunity for Industry

The product portfolio of BÜFA Thermoplastic Composites continues to grow.

ITASA has Successfully Started Production in Queretaro, Mexico, Right on Schedule!

ITASA has successfully initiated production at its new plant located in Querétaro, Mexico.