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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.
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