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Gurit has signed an agreement to form a joint venture for balsa wood production in Java, Indonesia.
Under the terms of the agreement, Gurit will hold 55% of the shares, and Mr. Setiyo Budi Nugroho 45% of the shares in the newly founded company PT Gurit Parta Balsa, a manufacturer of balsa wood blocks based in Probolinggo, Java.
This deal is expected to result in an exclusive supply agreement of balsa material from the plantations managed and owned by Mr. Setiyo Budi Nugroho into the joint venture, which will sell the products exclusively to Gurit for further processing and distribution.
Gurit reports that the cooperation assures a strong, high-quality source of balsa wood from Indonesia to the global Gurit customer base and leverages both parties’ individual strengths.
The partners have agreed to invest into the plantations and processing facilities during 2017/18 to accommodate anticipated business growth.
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