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| 2018-08-06, 15:46 |
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Gurit divests PVC Production Site in China
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Gurit recently announced that it has reached an agreement with Qingdao Zhengyu Sunshine Industrial Co., Ltd. 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 for October 2018, subject to regulatory approvals, and is expected to be profit neutral for Gurit in the 2018 fiscal year. The agreement to sell the Gurit production facility in Qingdao, China, follows the decision to focus core materials manufacturing for the Asia-Pacific region on SAN, PET and balsa wood at Gurit`s existing production facility in Tianjin, China. Advert 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 Co., Ltd during the transition phase in order to ensure a seamless handover and business continuity. The new owner has expressed a strong desire to continue to supply Gurit’s existing customers, and to grow the business further.
More information: www.gurit.com |
Gurit Holding AG, Zurich, Switzerland
